KEY POINTS
- ExxonMobil is considering an $8 billion investment in Nigeria’s Owowo deepwater field with FID targeted by 2027.
- The company extended its Erha Production Sharing Contract to 2042 and is evaluating a $15bn–$16bn Bosi development.
- The investments reflect renewed confidence in Nigeria’s improved regulatory and investment environment.
ExxonMobil is considering an $8 billion investment in Nigeria’s Owowo deepwater field, with a Final Investment Decision (FID) targeted by 2027, as the company renews its commitment to the country’s offshore oil sector.
The oil major also confirmed that its Production Sharing Contract for the Erha deepwater project has been extended to 2042, while additional investments are being evaluated across adjacent assets
Senior Vice President, Deepwater, ExxonMobil Upstream Company, Hunter Farris, disclosed the plans during a visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as part of activities marking 20 years of the Erha deepwater project.
According to him, the Owowo field holds about one billion barrels of developed resources, with an estimated investment of between $7 billion and $8 billion.
He added that the nearby Bosi oil and gas field, located adjacent to Erha, could attract fresh investment of between $15 billion and $16 billion if developed with a new floating production storage and offloading vessel (FPSO) and associated pipelines.
Erha contract extension supports life extension work
Farris said the extension of the Erha Production Sharing Contract to 2042 would support ongoing life-extension projects aimed at restoring the Erha FPSO to peak performance.
He noted that ExxonMobil is also evaluating additional drilling activities in the Usan field as part of a broader deepwater expansion strategy.
The proposed investments, he said, reflect ExxonMobil’s renewed confidence in Nigeria’s improved regulatory and investment climate, as well as enhanced ease of doing business.
NUPRC Chief Executive, Oritsemeyiwa Eyesan, welcomed the company’s renewed investment interest, describing the potential FIDs as encouraging for the country’s upstream sector.
She assured that the commission would continue to support petroleum investments that align with national economic priorities and benefit Nigerians.
The planned deepwater investments are expected to boost Nigeria’s crude production capacity, attract new capital inflows, and reinforce the country’s position in the global offshore oil market.
