ExxonMobil to Announce $10bn Deepwater Project FID Soon
• This Day • Business
ExxonMobil is set to declare its readiness for a Final Investment Decision (FID) on a major deepwater project in Nigeria, valued at approximately $10 billion. The investment aims to initiate an infill drilling campaign at the Usan deepwater asset, which is estimated to hold 1 billion barrels of oil. Mr. Jagir Baxi, Chairman and Managing Director of ExxonMobil's affiliate in Nigeria, disclosed these plans during an interview, highlighting the company's ambition to grow its total oil production in Nigeria from the current 100,000 barrels per day (bpd) to 250,000 bpd within the next five years. The FID is expected to unlock at least 180,000 bpd from the Owowo deepwater asset, which has 500 million barrels of oil reserves. ExxonMobil holds a 27% interest in the Owowo asset, with joint venture partners including Chevron Nigeria Limited and TotalEnergies E&P Nigeria Limited. The company has already committed 30% of the investment and plans to start the drilling campaign within the next month.
Topics: Business, Oil and Gas