ExxonMobil Plans $20 Billion Investment in Nigeria's Oil Sector

ExxonMobil has unveiled plans for multi-billion dollar investments in Nigeria's deepwater oil sector, with a potential final investment decision anticipated by early 2027. This announcement was made during a high-level visit to the Nigerian Upstream Petroleum Regulatory Commission in Abuja.

Hunter Farri, Senior Vice President of ExxonMobil's deepwater operations, emphasized the company's renewed commitment to Nigeria, coinciding with the 20th anniversary of the Erha deepwater project. The investment strategy includes extending the life of the Erha field until 2042 and advancing new drilling activities in the Usan field.

Additionally, the Owowo deepwater project is set to progress, with an estimated investment of $7 billion to $8 billion. ExxonMobil's plans could attract up to $16 billion for the Bosi oil and gas field.

Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, highlighted the positive signals for the industry and the commitment to creating a stable, investor-friendly environment.