ExxonMobil Expands Energy Investments and Exploration Efforts in Africa

ExxonMobil, a leading global oil and gas company, is advancing its energy initiatives across Africa, reinforcing its position as a key player in the continent’s energy sector.

Recent advancements indicate further growth in ExxonMobil's upstream operations, aimed at enhancing energy security through a dependable and cost-effective energy supply while maintaining industry-leading emissions intensity.

A significant highlight of these efforts was the meeting between ExxonMobil’s upstream president, Liam Mallon, and Mozambican President Nyusi last month. During this meeting, Mallon reaffirmed ExxonMobil's commitment to the $24 billion Rovuma LNG project, confirming that the front-end engineering design (FEED) is underway and establishing a clear timeline for a final investment decision by 2026.

In Southern Africa, ExxonMobil is also making strides in the Namibe basin offshore Angola, where it has taken the lead in exploration efforts. A new wildcat well has been spud, and the results are highly anticipated within the industry.

The basin extends from Angolan waters into northern Namibia, and favourable, commercially viable results could shape energy development in the region for decades to come.

In Nigeria, ExxonMobil is poised to shift focus to its deepwater investments, as the sale of its shallow-water JV asset reaches finality.

Nigeria’s rich reserves were recently estimated at 37.5 billion barrels by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). With offshore oil reserves currently responsible for 32% of Nigeria’s production, ExxonMobil – with its core deepwater engineering strengths – is perfectly positioned to drive the next development phase for  Africa’s largest oil reserves.

ExxonMobil is looking to expand this broad engagement in the African upstream at the forthcoming AOW: Investing In African Energy event, where the company is a platinum sponsor.  

“ExxonMobil is pleased to be a platinum sponsor for AOW as they commemorate 30 years of convening the energy industry for fruitful engagements and sharing of best practices,” said Richard Barke, ExxonMobil VP South Atlantic Exploration.”

The AOW partnership supports ExxonMobil’s role as one of the engines of the African upstream. AOW brings together governments, regulators, global operators, power producers, investors and service providers for engagements to develop policy, share discoveries, secure investment, and shape Africa’s energy future.

Through strategic partnerships such as these, as well as its deepwater expertise, and cutting-edge exploration in frontier regions, ExxonMobil has established itself as one of the most critically relevant energy businesses in the global sector.

As part of the AOW partnership, Richard Barke, ExxonMobil's Vice President of Exploration for Africa, will deliver a keynote address at the event, outlining the company's strategic vision for the region.

"Africa's energy landscape presents a compelling blend of opportunity and potential,” said Barke. “We see significant alignment between the continent's resources and the world's evolving energy demands.”