ExxonMobil eyes new investments in Nigeria’s deep-water oil sector

EXXONMOBIL is preparing to ramp up spending on Nigeria’s offshore oil and gas operations, signalling a renewed push into the country’s deep-water segment. The company shared this during a recent visit by its Upstream Deep-Water Senior Vice-President, Mr Hunter Farris, to the Abuja office of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

As part of its plans, the oil major is targeting a final investment decision on a large-scale project estimated at $7 billion to $8 billion, with timelines pointing to 2027. This move underscores a broader strategy to revive offshore activity after years of cautious investment.

Speaking after the meeting, Farris highlighted improvements in Nigeria’s operating environment, noting that recent regulatory changes are encouraging long-term commitments. He referenced the extension of the Erha production sharing contract to 2042 and said work is ongoing to enhance the performance of the field’s FPSO facility.

READ ALSO: Seplat’s Yoho disruption overshadows ExxonMobil payment milestone

The company is also reviewing expansion opportunities across several assets. These include additional drilling in the Usan field and further progress on the Owowo deep-water development, which remains one of its most significant upcoming projects.

According to Farris, ExxonMobil is advancing roughly one billion barrels of developed resources and could take an investment decision in the near term. He added that the nearby Bosi field presents even larger potential, with projected capital requirements of up to $16 billion if new infrastructure such as pipelines and an FPSO is deployed.

He described the planned spending as a sign that ExxonMobil is re-engaging with Nigeria’s upstream sector, particularly in deep-water operations. The improved regulatory landscape, he said, has played a key role in restoring investor confidence.

In response, NUPRC CEO, Ms Oritsemeyiwa Eyesan, welcomed the development, stating that the commission remains committed to supporting investments that strengthen the industry while protecting national interests.