American oil major ExxonMobil has signalled renewed interest in Nigeria’s oil and gas sector, with plans to take a Final Investment Decision on the $8 billion Owowo deepwater project by 2027.
The company also disclosed that its Production Sharing Contract for the Erha deepwater project has been extended to 2042, reinforcing its long-term commitment to operations in the country.
Senior Vice President, Deepwater, ExxonMobil Upstream Company, Hunter Farris, revealed the plans during a visit to the Nigerian Upstream Petroleum Regulatory Commission as part of activities marking 20 years of the Erha project.
Farris said the investment drive is anchored on improvements in Nigeria’s regulatory environment and ease of doing business, which have boosted investor confidence and encouraged the company to expand its footprint.
He noted that the Owowo field holds about one billion barrels of developed resources, with an estimated project cost of between $7 billion and $8 billion, adding that the company is working towards an investment decision as early as next year.
Beyond Owowo, ExxonMobil is also considering additional investments in the Bosi field, located near Erha, which could attract between $15 billion and $16 billion in capital if developed with new floating production storage and offloading infrastructure and pipelines.
The company is further exploring opportunities in the Usan field, where plans are underway to drill new wells as part of efforts to boost production and optimise existing assets.
Farris described the renewed investment push as part of a broader strategy to tap into what he called a “rejuvenation of deepwater” operations in Nigeria, emphasising that the company remains committed to expanding its presence.
Responding, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, welcomed the development, assuring ExxonMobil of continued regulatory support to drive investments that align with national economic interests.
