ExxonMobil Plans $8bn Owowo Deepwater Project by 2027

ExxonMobil is targeting a final investment decision (FID) on the Owowo Deepwater Project in Nigeria, estimated to cost between $7 billion and $8 billion, by early 2027. Hunter Farri, ExxonMobil's Vice President of Deepwater Offshore, emphasized that 2026 and 2027 are critical for front-end engineering and regulatory clearance, aligning with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) field development plan.

ExxonMobil holds a 27% interest in the Owowo asset, which is part of a joint venture that includes Chevron Nigeria Limited (27%), TotalEnergies E&P Nigeria Limited (18%), Nexen Petroleum Deepwater Nigeria Limited (18%), and the Nigerian National Petroleum Company Limited (NNPC) (10%). The project is adjacent to the Bosi oil field and is expected to attract fresh capital of $15 billion to $16 billion.

ExxonMobil aims to increase its oil production in Nigeria from 100,000 barrels per day (bpd) to 250,000 bpd over the next five years.