US oil giant ExxonMobil invests $40bn in Nigeria, Asian countries

The US oil major, ExxonMobil says it has spent about $40 billion in oil and investment in countries where it exploits oil and gas, including Nigeria in 2012.

Speaking on the company’s energy outlook in Lagos yesterday, the General Manager Deep Water Operations in Nigeria, Olatodun Isiaka, said that ExxonMobil’s, major discoveries were being made in countries in Asia and Africa and by 2040, about 60 percent of oil reserves based on 78 million barrels daily production (mbpd) would be largely untapped.

Nigeria’s Guardian newspaper report on Thursday said that Isiaka pointed out that the issue has put paid to speculation of possible dry up of oil wells in Nigeria.

However, the company said it intends to improve on the expenditure but would urge a bilateral trade harmonisation among nations to improve on oil trade.

According to him, new technologies are helping to uncover oil reserves in ultra deep horizons and Nigeria would be benefitting from this if the right environment were put in place.