RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Cryptocurrency

Exxon Mobil plan to launch Bitcoin mining operation in Nigeria

Rate Captain by Rate Captain
March 25, 2022
in Cryptocurrency
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Exxon Mobil, the world’s largest oil and gas company, proposes to conduct a prototype Bitcoin mining operation at its Qua Iboe Terminal in Nigeria, which will use excess natural gas that would otherwise be burned to mine Bitcoin.

Exxon Mobil owns a 40% stake in the field production mix at the Qua Iboe Terminal, one of Nigeria’s main export facilities and plants. The terminal, which is located on the eastern side of the Qua Iboe river estuary, has nine crude oil storage tanks with a combined capacity of 4.5 million barrels of oil (Billion barrels of petroleum liquids).

AlsoRead

Sam Bankman Manipulated Bitcoin’s 87% Drop in 2021- Ex Employee

Cryptocurrency Usage Surges in Nigeria Amid Economic Challenges

Quidax Advocates Stablecoins as Shield Against Soaring Nigerian Inflation

The production currently averages approximately 320kbd (Thousands of Barrels Per Day).

The firm launched a pilot program in January 2021 where it used excess natural gas that would otherwise be burned off from North Dakota oil wells to power cryptocurrency mining operations. According to sources, the firm plans to expand this operation to other sites around the globe including Nigeria.

The report stated, “Exxon, the largest U.S. oil producer, is considering similar pilots in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany.”

However, Seplat Energy has already made a $1.28 billion offer to buy Exxon Mobil’s stake. Seplat announced the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation in late February, shortly after the conflict between Russia and Ukraine erupted.

The Qua Iboe Terminal is part of the MPNU’s portfolio. Although NNPC, the state-owned oil company, has chosen to exercise its Right of First Refusal (RFR) on the asset sale, it raises the question of whether Exxon Mobil will follow suit.

Exxon Mobil is trying to reduce its carbon footprint by turning excess natural gas, which would otherwise be burned off, and would cause harm to the environment, to become useful in generating revenue for the company in form of crypto mining.

The need to reduce its carbon footprint comes as oil and gas producers are increasingly under pressure from regulators and investors to reduce their carbon footprint to help combat climate change. This was why the International Energy Agency (IEA), released a roadmap for the world to go net zero by 2050.

It is possible that Exxon Mobil may see a reason to not sell the plant being that it is able to find an alternative use for its excess natural gas, which will ultimately mean a reduction in its carbon footprint.

According to the report, Exxon Mobil has an agreement with Crusoe Energy Systems, a computer software company, to take gas from an oil well pad in the Bakken shale basin to power mobile generators, which will be used to run Bitcoin mining servers on site.

spokeswoman Sarah Nordin said in an email, “We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations.” However, she declined to comment on “rumors and speculations regarding the pilot project.”

Previous Post

Panics as the global diesel scarcity compounds Nigeria’s distress

Next Post

China’s Friendship with Russia causes “unprecedented” Capital Flight

Related News

Sam Bankman Manipulated Bitcoin’s 87% Drop in 2021- Ex Employee

Sam Bankman Manipulated Bitcoin’s 87% Drop in 2021- Ex Employee

by Bolarinwa Mathew
September 21, 2023
0

In a surprising revelation, a former employee of Alameda Research has shed light on the events surrounding the sudden and...

Nigeria Tops Global Crypto Awareness with 90% Eager to Invest

Cryptocurrency Usage Surges in Nigeria Amid Economic Challenges

by Bolarinwa Mathew
September 20, 2023
0

Cryptocurrency adoption in Nigeria is on the rise, driven by a weakening national currency and skyrocketing inflation, according to a...

Quidax Advocates Stablecoins as Shield Against Soaring Nigerian Inflation

Quidax Advocates Stablecoins as Shield Against Soaring Nigerian Inflation

by Bolarinwa Mathew
September 19, 2023
0

Nigeria's inflation rate has soared to alarming levels, with annual inflation reaching 24.08% in July, marking its highest point in...

Bitcoin Surges to $27,200 as Traders Anticipate Fed’s Interest Rate Decision

Bitcoin Surges to $27,200 as Traders Anticipate Fed’s Interest Rate Decision

by Bolarinwa Mathew
September 19, 2023
0

Bitcoin, the leading cryptocurrency by market value, experienced a significant rally on Monday, reaching $27,220, its highest point since August...

Next Post

China’s Friendship with Russia causes “unprecedented” Capital Flight

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

September 22, 2023
NGX Appoints an Advisory Panel on Digital Technology Products.

NGX Reports 98% Surge in Trade Volume as Investors Lose N35 Billion

September 22, 2023

Popular Story

  • Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

    Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

    0 shares
    Share 0 Tweet 0
  • Nigerian Naira Hits Record Low at 980/$: BDC Operators Condemns Situation

    0 shares
    Share 0 Tweet 0
  • NNPC Increase Pump price to N617 Per Litre Amidst Economic Hardship

    0 shares
    Share 0 Tweet 0
  • Access Bank Invites Applications for 2023 Entry Level Trainee Program in Technology

    0 shares
    Share 0 Tweet 0
  • Bank of England Pause Monetary Policy Meeting After Inflation Surprise

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>