Nigeria Still Attractive for Investment Despite PSC Terms, Says ExxonMobil

Chineme Okafor in Abuja

The Managing Director of ExxonMobil in Nigeria, Mr. Paul McGrath, yesterday, said that the Nigerian oil industry and the economy in general, were still attractive for investment.

McGrath said this was despite the signing into law of the amended Deep Offshore (and Inland Basin Production Sharing Contract) Act by President Muhammadu Buhari.

In a statement from the Mr. Garba Deen Muhammad, who is the Special Adviser on Media to the Minister of State for Petroleum Resources, Mr. Timipre Sylva, McGrath, who also doubles as the Chairman of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industries (LCCI), said this when he visited Sylva.

He reportedly assured that ExxonMobil would continue to deepen its partnership with Nigeria, and expressed optimism that the relationship with the country would be profitable.

McGrath however, called on the federal government to step up efforts to address two critical needs of the petroleum industry, which included, certainty and business competitiveness.

He also pledged the commitment of his company to sustain the relationship with the government through the petroleum ministry.

“There is nobody who doesn’t want to invest in Nigeria,” McGrath reportedly said.

In his address, Sylva informed the ExxonMobil team that although the aim of the Nigerian government was to attract more investors in the oil and gas sector, it was careful to ensure that was not done at the expense of the long-term relationship that has been built over the years with existing investors.

The minister noted that the recently assented bill that amended the Deep Offshore (and Inland Basin Production Sharing Contract) Act was necessary in the light of the recognition of the current realities in the oil sector.

He applauded the partnership between ExxonMobil and Nigeria, stating that “as partners in progress, frequent collaboration was important.”

He further encouraged ExxonMobil and other oil firms to endeavor to ensure full representation at state events that will further cement their partnership with the government.