Advanced technology and integrated workflows are critical to unlocking more value from Nigeria’s producing and undeveloped deepwater oil resources, ExxonMobil has said.
The oil giant said the approach would also help Nigeria exploit resources yet to be discovered, amid efforts to expand deepwater production.
The Subsurface General Manager, Esso Exploration and Production Nigeria Limited, ExxonMobil’s Nigerian affiliate, Nathan Harts, stated this at a technical/business meeting of the Nigerian Association of Petroleum Explorationists in Lagos.
The session was themed, “From Seismic to Value: Leveraging Seismic Inversion & Forward Seismic Modeling in Geomodeling to Enable Field Development.”
Harts said ExxonMobil was deploying advanced technologies, integrated workflows and cross-disciplinary expertise to develop its Nigerian portfolio more cost-effectively.
He said, “At ExxonMobil, we do strongly believe that successful development does require challenging ourselves for cutting-edge technology and integrated workflows, and we remain committed to continuing to do that for the resources we develop here in Nigeria.”
According to him, the approach would unlock substantial value from existing producing assets, undeveloped discoveries and resources yet to be found.
“We believe that that will also unlock substantial value from the resources that are currently producing, those that have yet to be developed, and those that have yet to be discovered,” Harts added.
The development comes as ExxonMobil intensifies its focus on Nigeria’s deepwater assets following its $1.28bn divestment of its onshore and shallow-water operations to Seplat in 2024.
The company has since shifted more of its capital towards offshore opportunities.
In July, ExxonMobil announced a $1bn Final Investment Decision commitment aimed at revitalising the Usan deepwater field, in which it holds a 30 per cent interest through Esso Exploration and Production Nigeria (Offshore East).
The company is also working with its partners to advance other deepwater assets towards Final Investment Decisions.
Harts stressed that developing Nigeria’s oil and gas resources would require greater knowledge sharing and collaboration across the industry.
“I do appreciate the esteemed officers of NAPE for pulling together meetings like this so that we can transfer knowledge as an industry,” he said.
“It is certainly a requirement for us to develop the Nigeria resources that we all have been blessed to develop.”
The ExxonMobil executive also commended NAPE for promoting professional development and industry collaboration.
He said the company was proud to support initiatives that encouraged knowledge sharing and cooperation among industry professionals.
“On behalf of ExxonMobil, I would like to express my sincere appreciation to Michael McGlashan, the paper presenter, for his time and commitment to bringing knowledge to this organisation,” Harts said.
“As a proud sponsor of this event, we are honoured to support initiatives that promote cross-industry collaboration, knowledge sharing, and professional development,” he added.
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