ExxonMobil Prepares Major Upstream Investments Across African Operations
ExxonMobil is positioning for significant new upstream investments across its African portfolio, with Nigeria, Angola, and Mozambique representing key focus areas for the energy giant’s expanded continental strategy. The company is preparing additional capital commitments to deepwater developments as part of national efforts to boost crude oil output across the region.
In Nigeria, ExxonMobil’s investment strategy builds on production from the established Erha and Owowo offshore fields while advancing exploration in promising offshore blocks. The company’s approach focuses on optimizing output from mature assets while identifying new opportunities in Nigeria’s deepwater frontier.
Angolan operations have seen contract extensions for both Block 15, home to the Kizomba deepwater development, and Block 17 in partnership with TotalEnergies. These renewals secure continued production from Angola’s most productive offshore areas through 2037, supporting the government’s strategy to maintain output levels amid declining production from older fields.
The long-anticipated Rovuma LNG project in Mozambique’s offshore Area 4 is progressing toward a final investment decision expected in 2026. The development plans to deliver an additional 18 million tons per year of LNG capacity to global markets, significantly increasing Mozambique’s export potential and positioning natural gas as both an export commodity and transitional fuel for domestic power generation.
Beyond operational investments, ExxonMobil’s STEM Africa program launched in 2024 provides hands-on science, technology, engineering, and mathematics training to students across Nigeria, Namibia, Angola, and Mozambique. The program reached over 3,000 students in its first year, with 96 percent indicating interest in pursuing STEM-related careers.
Source: orientalnewsng.com
