ExxonMobil Unveils Multi-Billion Dollar Deepwater Investment Plans in Nigeria
ExxonMobil Unveils Multi-Billion Dollar Deepwater Investment Plans in Nigeria
ExxonMobil Unveils Multi-Billion Dollar Deepwater Investment Plans in Nigeria
ExxonMobil has briefed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on plans to invest billions of dollars in deepwater oil and gas projects, signaling renewed confidence in Nigeria’s investment climate.
The oil major disclosed this during a visit to the NUPRC headquarters in Abuja as part of activities marking 20 years of the Erha deepwater project.
Speaking during the engagement, the Senior Vice President, Deepwater, ExxonMobil Upstream Company, Hunter Farris, said the company’s renewed commitment was driven by recent improvements in Nigeria’s business and regulatory environment.
“We are encouraged by the improved investment climate and are ready to renew our vows to Nigeria,” Farris stated.
He revealed that the Production Sharing Contract for the Erha field has been extended to 2042, with ongoing life extension works aimed at restoring the Erha Floating Production Storage and Offloading (FPSO) facility to optimal performance.
Beyond Erha, ExxonMobil is also preparing for new investments in the Usan field, which will involve the drilling of several wells, as well as advancing plans for the Owowo deepwater project.
Providing further insight, Farris disclosed that the Owowo project holds an estimated one billion barrels of recoverable resources, with projected investment ranging between $7 billion and $8 billion. The company is targeting a Final Investment Decision (FID) as early as next year.
He also highlighted the Bosi oil and gas field, located adjacent to Erha, noting its significant potential to attract between $15 billion and $16 billion in fresh capital, particularly with plans for a new FPSO and pipeline infrastructure.
The development underscores growing investor confidence in Nigeria’s upstream petroleum sector and signals potential for increased production capacity and economic growth.
ExxonMobil Unveils Multi-Billion Dollar Deepwater Investment Plans in Nigeria
