The oil giant ExxonMobil is considering fresh multi-billion-dollar investments in Nigeria’s deepwater oil sector, signalling renewed interest in expanding its operations in the country.
The company disclosed its plans during a visit to the headquarters of the Nigerian Upstream Petroleum Regulatory Commission in Abuja, held as part of activities marking 20 years of the Erha deepwater oil project.
Senior Vice President for Deepwater operations at ExxonMobil, Hunter Farris, said Nigeria’s improving investment climate influenced the company’s decision to deepen its long-term commitment to the country.
He noted that the firm was actively working to extend the lifespan of the Erha Floating Production Storage and Offloading (FPSO) facility, which has been central to production from the field.
Beyond existing operations, Farris said ExxonMobil is also evaluating new developments in other offshore assets, including the Usan and Owowo fields. He explained that the Owowo project alone could involve the development of about one billion barrels of recoverable resources, with potential investment estimated at between $7bn and $8bn as the company moves toward a possible final investment decision next year.
He further revealed that the Bosi field, located near Erha, could attract additional capital spending of up to $16bn if developed alongside new infrastructure such as a production vessel and pipelines. According to him, these projects reflect the company’s renewed push into what he described as a new phase of deepwater expansion in Nigeria.
Farris said ExxonMobil’s renewed focus shows its commitment to re-establishing stronger operations in the country, adding that recent regulatory improvements have made Nigeria more attractive for long-term energy investments.
In response, the Chief Executive of the upstream regulator, Oritsemeyiwa Eyesan, welcomed the proposed investments, describing them as a positive signal for Nigeria’s oil and gas industry. She assured that regulators would continue to support projects that strengthen production and contribute to national economic growth.
