Nigeria receives boost from oil sector investment [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
Tinubu's government aims to increase earnings from crude sales to fund the development of infrastructure projects in various sectors. Nigeria is Africa's biggest crude oil exporter and sales make up around 90% of the country's foreign exchange earnings. Oil giant Shell said it will invest in a deep-water reserve in southern Nigeria that could produce 110,000 barrels of oil per day, beginning at the end of the decade. The announcement on Monday did not specify the amount being invested and came days after ExxonMobil's business in the country was acquired by energy company Seplat for $1.2 billion. Shell Nigeria's Bonga North project will complement a two decade-old floating production storage and offloading operation that produced its one billionth barrel of oil last year, the company said. The Bonga North facility contains more than 300 million barrels of oil equivalent. ExxonMobil Nigeria's sale was first mooted in 2022 but was only approved by Nigeria's president in October. T
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