Exxon Mobil, the United States’ largest oil and gas corporation plans to run a pilot Bitcoin mining program, which uses excess natural gas that would otherwise be burned off, to mine Bitcoin at its Qua Iboe Terminal in Nigeria, according to Bloomberg.
Qua Iboe Terminal is one of Nigeria’s largest export facilities and plants in which Exxon Mobil owns 40% interest in the field production mix. The terminal is located on the eastern side of the Qua Iboe river estuary and contains nine crude oil storage tanks with a total capacity of 4.5 million bbls (Billion barrels of petroleum liquids). 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.