Nigeria’s oil production saw a 10.15% increase in the second quarter (Q2). Credit: Saknarong Butsabong/Shutterstock.

ExxonMobil has outlined plans for a $10bn investment in offshore oil operations in Nigeria, a presidential spokesperson said citing company executives, reported Reuters.

The investment proposal was made public during discussions between Nigeria’s Vice-President Kashim Shettima and Exxon’s Nigeria operations CEO Shane Harris.

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Exxon’s investment strategy includes a focus on the Owo project, a substantial deep-water initiative with an estimated cost of $10bn.

The company is also set to invest around $2.5bn annually to enhance oil production by 50,000bpd over the next few years.

Despite agreeing to divest its onshore assets to Seplat Energy for $1.3bn, Exxon remains committed to maintaining its operations in Nigeria.

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Harris said that Exxon is working with the office of Nigeria’s president “to secure favourable fiscal arrangements that will make this significant investment possible”.

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Shettima said: “This potential investment by ExxonMobil aligns perfectly with President Bola Tinubu administration’s vision for a more investment-friendly Nigeria.

“We are committed to creating an enabling environment for such transformative projects.”

Nigeria’s oil production saw a 10.15% increase in Q2. The average output reached 1.41 million barrels per day (mbbl/d), a notable rise from 1.22mbbl/d in the previous year.

Last month, Bloomberg reported that ExxonMobil was considering the sale of a package of conventional oil assets in the Permian Basin.

The potential transaction could be worth approximately $1bn.

The sale aligns with the company’s focus on expanding its shale production, particularly following its $60bn acquisition of Pioneer Natural Resources earlier this year.