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By Adewale Sanyaolu and Adanna Nnamani
ExxonMobil is set to inject up to $24 billion into Nigeria’s deepwater oil and gas sector, signaling a major boost in fresh capital and long-term development.
The oil major outlined its ambitious plans during a visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja, coinciding with the 20th anniversary of the Erha deepwater project.
Mr. Hunter Farris, Senior Vice President of Deepwater at ExxonMobil Upstream Company, said Nigeria’s improved investment climate motivated the company to “renew our vows to Nigeria.”
The proposed investments include the Owowo deepwater project, holding about a billion barrels of developed resources and valued between $7 billion and $8 billion, with a final investment decision (FID) anticipated as early as next year. The Usan field will also see potential new wells, while the adjacent Bosi oil and gas field could attract $15–$16 billion in fresh capital if developed with a new FPSO and pipeline infrastructure.
“These proposed investments demonstrate that ExxonMobil is back in business and serious about expanding deepwater operations in Nigeria,” Farris said, adding that the company is positioning itself to capitalize on a “golden age” for the country’s deepwater sector.
NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, welcomed the commitment, noting: “To hear that FIDs are likely next year is very exciting, and rest assured we are willing to support you.” She reaffirmed the Commission’s dedication to safeguarding petroleum investments that benefit the Nigerian people.
