Mobil Laments FG’s Non-Commitment To 60% Stake In Joint Venture | Independent Newspapers Limited
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Mobil Laments FG’s Non-Commitment To 60% Stake In Joint Venture

Posted: Sep 17, 2015 at 12:17 am   /   by   /   comments (0)

By Idongesit Ashameri,


Exxonmobil, operators of NNPC/MPN Joint Venture has lamented that the failure by the Federal Government of Nigeria to live up to expectations of its 60 percent share in the company during the past ten years has truncated its growth, leading to much struggles to survive.

According to the oil and gas giant, the decline in the commitment of its Joint Partners to the outfit, has debilitated its operational capacity as well as its profitability projections during the past ten years.

ExxonMobil Manager, Field Law, Mr. Omajuwa Oteri, said this in Uyo, the Akwa-Ibom State capital, yesterday at the 2015 Energy Outlook Series Business Overview of the company held at the Ibom Le Meridien Hotel and Gold Resort.

“This has affected our profitability. It has affected our productivity and has affected negatively, our capacity such that we are now struggling to survive.

“We are in fact, also hampered by the current economic situation in the country and globally. Our operations are indeed, stifled. So, we are soliciting the cooperation of our Joint Partners and host communities in this difficult period so that we can meet our expectations and fulfill our corporate responsibilities,” Oteri appealed.

The Field Law Boss, however, expressed satisfaction with the ability of the outfit to be associated with the reconstruction of the Eket/Ibeno Road, which is a major highway for the residents of the Eket Federal Constituency.

“Our provision of N8 billion which represents 30 percent of the project cost in partnership with the Akwa-Ibom State Government is further proof of our commitment to paving the way for a brighter future for our community.

“The reconstruction work has had expansionary impact on the local economy, creating opportunities for auxiliary services and employments within communities in the axis. This is heartwarming and clearly strengthens the case for continuous collaboration between the stakeholders in our operating area,” he said.

ExxonMobil, according to him, has also invested over Six billion naira on undergraduate scholarship in the last two decades; N57 billion on secondary school scholarship and over One billion naira on international scholarship, among others.