ExxonMobil Plans Multi-Billion Dollar Investments in Nigeria

ExxonMobil has announced its intention to invest in multi-billion dollar deep water projects in Nigeria during a visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja. This visit marks the 20th anniversary of the Erha deep water project, with ExxonMobil's Senior Vice President of Deepwater, Mr. Hunter Farri, emphasizing the company's commitment to Nigeria's investment climate.

The Erha project, which has been extended to 2042, will undergo significant life extension work to maximize performance. Additionally, ExxonMobil is gearing up for potential new investments, including the Owowo deep water project, which is expected to develop resources estimated at 1 billion barrels and cost between $7 billion and $8 billion.

The company anticipates making a final investment decision (FID) early next year. Mr. Farri also highlighted the potential for attracting fresh capital of $15 billion to $16 billion for the development of new floating production storage and offloading (FPSO) units and pipelines.

NUPRC's Chief Executive, Mr. Oritsemeyiwa Eyesan, expressed excitement about ExxonMobil's renewed commitment to Nigeria.