ExxonMobil has signaled renewed confidence in Nigeria’s oil and gas sector, unveiling plans to commit billions of dollars to both existing and upcoming deepwater projects across the country.
The announcement was made by Hunter Farris during a visit to the headquarters of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), as part of activities commemorating the 20th anniversary of the Erha deepwater field.
According to a statement issued by NUPRC spokesperson, Eniola Akintuotu, Farris attributed the company’s expanded investment outlook to improvements in Nigeria’s regulatory environment and overall business climate.
He noted that these changes have reinforced ExxonMobil’s long-term commitment to operating in the country.
“A key highlight of the visit was the extension of the Production Sharing Contract for the Erha field through 2042”.
The company is also working to enhance operational efficiency at the Erha Floating Production Storage and Offloading (FPSO) facility.
Beyond Erha, ExxonMobil is ramping up activity at the Usan field, where it plans to drill additional wells.
Progress is also being made on the Owowo deepwater project, which is estimated to hold around one billion barrels of oil.
The development could attract investment in the range of $7 billion to $8 billion, with a Final Investment Decision expected as early as next year.
Farris further identified the nearby Bosi oil and gas field as another major opportunity.
He explained that developing the field, alongside a new FPSO and supporting pipeline infrastructure, could require between $15 billion and $16 billion in capital.
He emphasized that these initiatives form part of ExxonMobil’s broader strategy to strengthen its footprint in Nigeria’s deepwater segment and contribute to a resurgence in offshore exploration and production.
In response, Oritsemeyiwa Eyesan welcomed the development, expressing optimism about the potential for increased capital inflows.
She reiterated the Commission’s commitment to supporting investments that align with Nigeria’s national interests.
The renewed push by ExxonMobil underscores growing confidence among international oil companies in Nigeria’s evolving regulatory framework and its potential to drive a new phase of deepwater oil development.
