By Seun Ibiyemi
Global energy giant ExxonMobil has unveiled plans to invest billions of dollars in deepwater oil and gas projects in Nigeria, citing improvements in the country’s investment climate.
The company disclosed this during a visit to the headquarters of the Nigerian Upstream Petroleum Regulatory Commission in Abuja as part of activities marking 20 years of the Erha deepwater project.
Senior Vice President, Deepwater, ExxonMobil Upstream Company, Hunter Farris, said the company was encouraged by recent reforms and was ready to deepen its footprint in Nigeria.
“We are renewing our vows to Nigeria,” Farris said, noting that the Production Sharing Contract for the Erha field had been extended to 2042, with ongoing life extension work aimed at restoring the Floating Production Storage and Offloading (FPSO) facility to optimal performance.
Beyond Erha, he revealed that ExxonMobil was preparing for fresh investments in the Usan field, including plans to drill additional wells, as well as advancing development of the Owowo deepwater project.
According to him, the Owowo project holds about one billion barrels of recoverable resources and could attract investments of between $7 billion and $8 billion, with a Final Investment Decision (FID) expected as early as next year.
Farris also highlighted the Bosi oil and gas field, located near Erha, which he said could draw between $15 billion and $16 billion in new investments if developed with a new FPSO and pipeline infrastructure.
He described the proposed investments as evidence of ExxonMobil’s renewed commitment to Nigeria, adding that the company was positioning itself to take advantage of what he called a “rejuvenation of deepwater” opportunities in the country.
The ExxonMobil executive commended Nigeria’s improved regulatory framework, saying it had significantly enhanced ease of doing business in the sector.
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Responding, Chief Executive of NUPRC, Oritsemeyiwa Eyesan, welcomed the development and expressed optimism over the company’s renewed investment drive.
“To hear that FIDs are likely next year is very exciting, and rest assured we are willing to support you,” she said.
Eyesan reaffirmed the commission’s commitment to creating an enabling environment for petroleum investments that align with national interest
