ExxonMobil has signaled a major revival of its deepwater investment program in Nigeria, with aggregate capital commitments potentially exceeding $23 billion across multiple projects through 2042. The oil major outlined its expansion ambitions during a high-level visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja, coinciding with commemorations of 20 years of operations at the Erha deepwater field.
Hunter Farris, Senior Vice President for Deepwater at ExxonMobil Upstream Company, told regulators the company was encouraged by improvements in Nigeria's investment climate and had decided to "renew our vows to Nigeria." He pointed to the extension of the Erha Production Sharing Contract through 2042 as evidence of the company's long-term commitment to the basin.
The Erha floating production, storage, and offloading (FPSO) vessel is undergoing extensive life extension works to restore maximum operational performance, Farris said, noting that maintaining output from the mature asset remains a priority alongside new development drilling.
Beyond Erha, ExxonMobil is evaluating potential investments on the Usan field, which would involve drilling a modest number of wells, and is actively progressing the Owowo deepwater project toward a final investment decision. According to Farris, the Owowo development represents approximately one billion barrels of developed resources and carries a project cost estimate of between $7 billion and $8 billion, with an FID targeted for as early as next year.
Farris also highlighted the Bosi oil and gas accumulation adjacent to Erha, describing it as a candidate for substantial capital allocation. Should ExxonMobil proceed with developing Bosi, the company estimates it would require fresh investment of between $15 billion and $16 billion to construct a new FPSO facility and associated pipeline infrastructure.
"This demonstrates that we are getting back in business and we're serious about what we're doing," Farris stated, emphasizing that Nigeria fits into the company's broader view of a "golden age of deepwater" and the rejuvenation of deepwater as a strategic focus globally.
The ExxonMobil executive also commended Nigeria's regulatory reforms, noting that the improved operating environment had meaningfully enhanced the ease of doing business in the upstream sector.
NUPRC Commission Chief Executive Oritsemeyiwa Eyesan responded positively to the company's presentation, expressing enthusiasm about the planned FIDs. "To hear that FIDs are likely next year is very exciting and rest assured we are willing to support you," she told the delegation.