ExxonMobil’s Erha project brings $70bn value to Nigeria in 20 years
ExxonMobil’s Erha Deepwater project has delivered significant value to Nigeria, generating over $70bn and producing more than 800 million barrels of crude oil. Jagir Baxi, Chairman/Managing Director of ExxonMobil Affiliates in Nigeria, highlighted these achievements during a courtesy visit to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo. The minister praised the company for sustaining two decades of production and urged further focus on gas development. The project is also noted for its high percentage of Nigerian workforce and contributions to national revenue.
TLDR
- The Erha Deepwater project has produced more than 800 million barrels of crude oil over 20 years, generating over $70bn in value.
- About $23bn from the project has been remitted to the Federal Government.
- Ekperikpe Ekpo commended ExxonMobil for maintaining 20 years of production and urged increased gas development.
- Over 95% of the Erha workforce in Nigeria are Nigerians, reflecting strong local content.
- The Federal Government reaffirmed its commitment to a stable investment climate for ExxonMobil and the energy sector.
