ExxonMobil to invest $10 billion in Nigeria's deep-water oil project

Exxon Mobil plans to invest $10 billion in Nigeria's offshore oil operations, focusing on the Owo subsea project.

The investment, part of a broader push in Nigeria's oil industry, includes $1 billion annually for maintenance and $1.5 billion to boost oil production by 50,000 barrels per day.

This comes after Exxon's recent sale of onshore assets to Seplat Energy for $1.3 billion.

The Nigerian government, led by President Bola Tinubu, supports the investment, aiming to create a favorable environment despite ongoing challenges such as oil theft and sabotage.