ExxonMobil's Baxi Denies Hindrance to Bonga Project FID
• This Day • Business
Mr. Jagir Baxi, the Chairman and Managing Director of ExxonMobil Nigeria, addressed claims that the American oil giant is obstructing the $20 billion Bonga Southwest deepwater project from achieving its final investment decision (FID). He clarified that ExxonMobil's role is to support operations alongside Shell Nigeria Exploration and Production Company and other partners, emphasizing the necessity of collaboration to enhance project readiness for FID. The Bonga Southwest project is significant, with an estimated reserve size of 820 million barrels and a production capacity of 150,000 barrels per day. Baxi noted that while Shell anticipates taking FID in 2027, the Nigerian National Petroleum Company Limited (NNPC) recently announced a presidential approval for a fiscal incentive package aimed at unlocking the long-delayed FID. He reiterated ExxonMobil's commitment to the project, contingent on favorable conditions, and expressed the need for stakeholders to work together to ensure the project's success.
Topics: Business, Oil and Gas