Business Hilights
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NNPC, ExxonMobil in fresh deal to saturate gas market, boost crude output

Fresh lifeline is underway for increased crude oil production and availability of gas for power generation as the Nigerian National Petroleum Corporation (NNPC) and ExxonMobil upstream joint venture partner have closed a deal that will expand existing operational portfolio.

Giving insights shortly after a meeting with top management cadre of ExxonMobil delegation, led by Senior Vice-President of the oil giant, Jack Williams, the Group Managing Director of NNPC, Dr. Maikanti Baru, averred that the renewed joint venture with ExxonMobil is now rejuvenated for sustainable rebound.

Business Hilights recalls that ExxonMobil was until recently the highest producer of crude oil in Niger Delta.

NNPC boss disclosed further that the group had gone far in strategic business discussions with ExxonMobil on key operational issues including improved drilling to increase production and refurbishment of crude oil pipelines as well as supply of gas to the planned Qua Iboe Independent Power Plant (IPP) and related industry issues.

A statement issued Thursday, by the Group General Manager, Group Public Affairs Division, Ndu Ughamadu, revealed that NNPC also discussed “ExxonMobil recommitment to supply gas to the domestic market and this is something that is very positive and they are willing; we would quickly roll-out the programme to ensure that sufficient gas comes in for the IPP. We also secured a commitment from them to end gas flare at QIT and other production areas.”

In an interview after the meeting, leader of the ExxonMobil delegation averred that “The meeting as very fruitful, and ExxonMobil was committed to growing its production in Nigeria safely and with much integrity with the right technology”.

According to him, “ExxonMobil is set to increase its JV budget for 2018 operations”.