L-R: Senior Vice President, Deepwater, ExxonMobil Upstream Company, Mr. Hunter Farris, and the Commission Chief Executive, NUPRC, Mrs. Oritsemeyiwa Eyesan.
ExxonMobil has unveiled plans to commit billions of dollars to new and existing deepwater oil projects in Nigeria, citing an improved investment climate and regulatory environment.
The announcement was made by Senior Vice President for Deepwater at ExxonMobil Upstream Company, Hunter Farris, during a visit to the headquarters of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja. The visit formed part of activities marking the 20th anniversary of the Erha deepwater project.
According to a statement by NUPRC’s Head of Media and Corporate Communications, Eniola Akinkuotu, Farris noted that Nigeria’s improving business environment had encouraged the oil giant to deepen its long-term commitment to the country.
He disclosed that the Production Sharing Contract for the Erha field has been extended to 2042, with ongoing efforts to enhance the performance of the Erha Floating Production Storage and Offloading (FPSO) facility.
Beyond Erha, the company is preparing for additional investments in the Usan field, including plans to drill several new wells, as well as advancing work on the Owowo deepwater project. Farris revealed that the Owowo development, estimated to hold about one billion barrels of resources, could attract between $7 billion and $8 billion in investment, with a Final Investment Decision (FID) potentially as early as next year.
He also highlighted the Bosi oil and gas field, located near Erha, as another major opportunity. According to him, the project could draw between $15 billion and $16 billion in fresh capital if developed with a new FPSO and supporting pipeline infrastructure.
Farris emphasized that these initiatives signal ExxonMobil’s renewed strategic focus on Nigeria, describing the move as part of a broader resurgence in deepwater exploration and production.
In response, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, welcomed the development, expressing optimism about the prospects of new investment inflows. She assured the company of the Commission’s continued support in facilitating and protecting investments that align with Nigeria’s national interest.
The renewed commitment by ExxonMobil underscores growing confidence among international oil companies in Nigeria’s evolving regulatory framework and its potential to drive a new phase of deepwater growth.