ExxonMobil plans to invest up to $24 billion in Nigeria’s deepwater oil and gas sector. The company announced the strategy during a meeting with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). An improved investment climate in the region prompted this renewed focus on offshore operations.
The strategy extends the Erha deepwater project production sharing contract through 2042. ExxonMobil will also drill new wells at the Usan field to boost output.
The company is advancing the Owowo deepwater project, which contains approximately 1 billion barrels of resources. A final investment decision for Owowo could occur as early as next year.
ExxonMobil is also evaluating the Bosi oil and gas field for development. This project represents a potential $15 billion to $16 billion capital investment.