Exxonmobil has said that despite falling oil prices in the international market its investment in Nigeria would continue and that it will maintain its stay in the country.
Speaking at the Nigeria oil and gas summitwhich held in Abuja, Nolan O’Neal, managing director, Exxonmobil upstream companies in Nigeria, said the company is not planning to exit Nigeria but is however focused on how to adopt a prudent fiscal expenditure to ensure its major investment decisions are realised.
He said although the fiscal regime and low oil price is causing fear in the country’s petroleum sector, the company nevertheless is committed to its strategic development initiative.
The topic of the session ” Effective Solutions Driving Industry Change, Costs, Lead Times, Projects and Plans” brought together top industry players especially international oil industries.
O’Neal, said however for the industry to sustain the investment required, there is urgent need for government to address critical fiscal policies.
He said the falling crude oil price would certainly impact on the company’s project but efforts are being made to ensure prudent expenditure.
The managing director, disclosed that the company would review its work plans but will continue to revisit the economic feasibilities of these projects with long span and will now have to priorities.
He stated that the country would need to push for more exploration activities as it is the future of the sector, given the competition worldwide for investments in exploration, and that one way to do that is by ensuring that enabling climate is put in place.
He noted that operators would like to be sure of the fiscal environment to be able to take the risk and urged for a robust engagement with the government so as to resolve grey areas.