Business
R&D: Exxon Mobil Spends $1bn Annually
Managing Director, ExxonMobil Mr Mark Ward yesterday said the company spent over one billion dollars annually on research and development on current oil technology.
Ward said this at the ongoing three-day annual international conference and exhibitions of the Society of Petroleum Engineers (SPE) in Abuja.
He said that ExxonMobil took a long-term approach to investment in technology, adding, “We believe that technology is critical to the continued success of the industry.
“It is a key foundation of ExxonMobil because it is critical for us to deliver technology innovations and improvements,’’ Ward said.
The Managing Director said that this would lead to increased supply of oil and gas needed to support economic growth in the years to come.
“Much of the earth’s remaining recoverable oil resources are found in complex geological formations, remote locations and under harsh conditions.
“We need leading-edge technologies to overcome these challenges and bring these abundant resources to the market,’’ he said.
Ward said that most forecasts showed that global energy demand would be 35 per cent higher in 2030 than it was in 2005, driven by the growth in population and economic activities.
He also said the forecasts indicated that oil and gas would continue to constitute 50 per cent of the global energy mix.
The Managing Director said that no other energy source could match their availability, affordability and scale.
Ward said that the solution to the challenge of satisfying future global demand lay in effective deployment of innovative technologies that guaranteed the full development of all resource types.
“ExxonMobil adopts an integrated solution approach which seeks to ensure that we meet these challenges at a cost that supports economic development and mitigates emissions and other environmental concerns.
“Technology not only expands the geological range of where we produce, but it also extends the types of supplies that contribute to meeting global demand.
“As we move toward 2030, we anticipate an increasing contribution from “frontier” hydrocarbon resources such as ultra-deep water and heavy oil,’’ Ward said.
Our correspondent reports that about 30 exhibitors, both indigenous and foreign were attending the 2011 SPE conference entitled: “Global Energy Dynamics: Challenges and Opportunities in the African Region’’.
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.
Mr Festus Osifo, President of PENGASSAN, said this while briefing newsmen at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja.
He said the sector was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.
“A drilling engineer in Nigeria does the same job as one in the U.S. or Abu Dhabi,” he said.
Osifo said the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.
“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.
He said PENGASSAN had recorded significant gains through collective bargaining across oil and gas branches.
“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.
He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.
Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.
He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.
“This industry recruits the best. Companies must provide the best conditions,” he said.
On insecurity, Osifo urged government to take decisive action against terrorism and kidnappings across the country.
“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.
He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.
Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.
He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.
“Nigerians want to see food on the table, not macroeconomic figures,” he said.
He urged government to coordinate fiscal and monetary policies to ensure economic gains reach households.
“Translate macro results to food on the table,” he said.
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