By Joy Onu
Global energy giant ExxonMobil has signalled renewed investment interest in Nigeria’s deepwater oil sector, unveiling plans that could lead to several multi-billion-dollar projects in the country’s offshore fields.
The development was disclosed in a press statement by Eniola Akinkuotu, Head, Media and Corporate Communications, after senior executives of ExxonMobil visited the headquarters of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja to discuss the company’s long-term operations and investment outlook in Nigeria.
During the meeting, Senior Vice President for Deepwater at ExxonMobil Upstream Company, Hunter Farris, said the company was encouraged by improvements in Nigeria’s investment climate, prompting what he described as a renewed commitment to the country.
According to him, the Production Sharing Contract for the Erha deepwater field has been extended to 2042, while extensive life-extension works are ongoing to restore the Erha Floating Production Storage and Offloading vessel to optimal operational capacity.
Farris also disclosed that the company is preparing for additional investments in other offshore assets, including the Usan field, where plans are underway to drill several new wells as part of efforts to sustain production.
He added that ExxonMobil is advancing work on the Owowo deepwater project, which is estimated to hold about one billion barrels of developed resources. The project, valued at between $7 billion and $8 billion, could reach a final investment decision as early as next year.
Beyond these projects, he revealed that the Bosi oil and gas field, located near Erha, could attract fresh investments ranging between $15 billion and $16 billion if plans to deploy a new floating production facility and pipeline infrastructure proceed.
Farris described the planned investments as a clear indication that the company is strengthening its operational footprint in Nigeria and aligning with what he called a renewed era for deepwater development in the country.
He also commended Nigeria’s evolving regulatory framework, noting that reforms in the sector have significantly improved the ease of doing business for international energy companies.
Responding, the Commission Chief Executive of the NUPRC, Gbenga Komolafe, welcomed the company’s renewed interest in expanding operations in Nigeria, describing the prospect of new investment decisions in the coming year as encouraging.
Komolafe assured the company that the regulatory commission would continue to support and safeguard investments in the petroleum sector, particularly those that contribute to national economic growth and benefit the Nigerian people.
