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Exxon prepares $10 billion oil financial investment in Nigeria, presidency says

Exxon Mobil Corp has proposed a $10 billion financial investment in overseas oil operations in a new investment push in Nigeria, a governmental representative said on Thursday, mentioning company executives.

The financial investment was revealed throughout talks between Nigeria's. Vice President Kashim Shettima and the CEO of Exxon's Nigeria. operations Shane Harris on the sidelines of the U.N. General. Assembly in New York City on Wednesday, presidential representative. Stanley Nkwocha stated in a statement.

Exxon plans to concentrate on establishing its Owo job, a. large deep-water task estimated to cost $10 billion.

The producer also plans to spend $2.5 billion every year to. boost oil output by 50,000 barrels each day (bpd) over the next. couple of years and preserve its Nigerian operations, despite concurring. to offer its onshore assets to Seplat Energy for $1.3 billion.

Exxon is working carefully with the office of Nigeria's. president to protect favourable financial arrangements that will. make this substantial investment possible, Harris was priced estimate as. saying.

An Exxon representative didn't right away react to a. request for comment.

Production of oil, which accounts for the bulk of Nigerian. federal government earnings and forex, increased by 10.15% in. the 2nd quarter, averaging 1.41 million bpd, up from 1.22. million bpd a year earlier.

However Africa's largest oil manufacturer is still coming to grips with. challenges in its oil market, including massive theft and. sabotage, despite passing a law 3 years ago to ease. regulatory unpredictabilities and draw in financial investments.

This potential investment by ExxonMobil lines up perfectly. with President Bola Tinubu administration's vision for a more. investment-friendly Nigeria, Shettima said. We are dedicated. to creating a making it possible for environment for such transformative. tasks..

(source: Reuters)