ExxonMobil has said its Erha Deepwater project has generated more than $70 billion in value over the past 20 years, including about $23 billion remitted to the Federal Government.
The company’s Chairman and Managing Director in Nigeria, Jagir Baxi, disclosed this during a courtesy visit to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja.
According to Baxi, the offshore field has produced over 800 million barrels of crude oil since it began operations, making it one of Nigeria’s key deepwater assets.
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“The Erha Deepwater project has, over 20 years, produced more than 800 million barrels of crude oil, generating over $70bn in value, including about $23bn to the Federal Government,” he said.
Ekpo described the milestone as a benchmark in Nigeria’s deepwater operations, noting that sustaining production for two decades reflects strong technical expertise and operational discipline.
He said the project has contributed significantly to government revenue, job creation, and local capacity development, adding that more than 95 per cent of the workforce is Nigerian.
The minister, however, urged ExxonMobil to intensify efforts in gas development to support domestic utilisation, exports and revenue growth.
“As we grow oil output, equal emphasis must be placed on gas development,” he said.
He also reassured investors of the Federal Government’s commitment to a stable investment climate backed by the Petroleum Industry Act.
