McGrath: ExxonMobil Adds 600,000bpd to Nigeria’s Output

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  • McGrath: ExxonMobil Adds 600,000bpd to Nigeria’s Output

The Chairman/Managing Director, ExxonMobil Nigeria Unlimited, Mr. Paul McGrath, has reiterated commitment to local content development, saying the firm contributes 600,000 barrels per day (bpd) of oil to Nigeria’s daily output that currently hovers around 2.2 million bpd.

McGrath gave the assurance during a spotlight session at the 7th Practical Nigerian Content Conference organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Uyo, Akwa-Ibom State, adding that the firm was passionate about local content development.

He said: “I am very passionate about local content development in Nigeria and standing here before you today is an example of local content. Local content development is so important to me and also ExxonMobil and we are concerned about deepening Nigerian content in our industry.

“ExxonMobil gives first consideration to local companies in Nigeria. We have been at the forefront of local content development in Nigeria. Nigeria local content is a moral obligation and is good for business because in Nigeria we have highly and semiskilled workforce, which we give total support to all categories.

“When we talk about practical Nigeria content and implementation of local content, ExxonMobil has been at the vanguard.”

McGrath said the company was one of the country’s highest producers of crude oil, accounting for almost 600,000 barrels per day of crude, condensate and natural gas liquids from its Qua Iboe terminal in Akwa Ibom State.

He said ExxonMobil had been in Nigeria for over 40 years with track records and operates a world class facility in the country and also looks forward to boost its crude oil production.

The ExxonMobil Nigeria boss said the company was committed to growing its production in Nigeria safely and with much integrity, adding that the company had made tremendous impact on the nation’s economy in the past 54 years of operation and would continue to invest for many more years to come.

He said the company had invested massively in human development, which was very significant in bringing about competition for national growth. According to him, the company has invested massively on host community and other communities outside its operations.

He added that ExxonMobil had also invested on community development in area of education and infrastructure development, while ensuring sustainability on the long time benefit. “ExxonMobil has helped to facilitate access to funding to numbers of local companies in Nigeria and there are number of Nigeria banks that work with us.

“Over 113 million dollars has been accessed so far out of 975 million dollars available under the ExxonMobil Nigeria Contractor Finance Scheme (EMNCFS), in partnership with some Nigerian banks. Also, that offers competitive financing options to local company’s business partners in Nigeria.

“The EMNCFS is targeted at Nigerian vendors seeking access to better funding options to fulfill ExxonMobil awarded contracts and procurement orders. Loan processing times will also be significantly reduced due to upfront definition of eligibility criteria by the banks because if the funding was not available to Nigerian contractor they will not be in business,’’ McGrath added.

He said over 700 graduates had benefited from the company’s skilled training, which majority of them has been employed by various oil and gas companies in Nigeria, adding that the company had a world class technical training centre in Akwa-Ibom which was established in 1995, which conforms to international best practice standard.

He stated that the company has also developed potentials in world class engineering, adding that it has partnered with local engineering companies in Nigeria like Delta Afrik to develop and nurture quality engineering work.

He said the ExxonMobil is also geared towards ensuring the developing sustainable plans with local companies in Nigeria, adding that quality engineering in Nigeria had increased by 90 per cent in the last four years.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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