US supermajor ExxonMobil has laid out a multi‑billion‑dollar deepwater investment plan for Nigeria, positioning the country at the centre of a renewed offshore push that could total up to $24bn. The US oil major unveiled the strategy during a visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, timed to mark 20 years of the Erha deepwater project. Exxon’s SVP of deepwater Hunter Farris said the company had been encouraged by Nigeria’s improved investment climate, prompting the company to “renew our vows to Nigeria”. The production sharing contract for Erha has been extended to 2042, with extensive life‑extension work underway to restore the Erha FPSO to full performance. Beyond Erha, ExxonMobil is preparing to drill new wells at Usan and a major deepwater project at Owowo, which holds about 1bn barrels of developed resources and is valued at $7–8bn. Farris added that the company is looking toward a final investment decision for Owowo as early as next year. He also highlighted the Bosi oil and gas field, adjacent to Erha, which could attract $15–16bn in fresh capital if a new FPSO and pipeline infrastructure are developed. “These proposed investments demonstrate that ExxonMobil is back in business and serious about expanding deepwater operations in Nigeria,” Farris said, adding that the company is positioning itself to capitalise on a “golden age” for deepwater in the country. NUPRC chief executive Oritsemeyiwa Eyesan welcomed the signals of an FID next year. She said the commission would continue to support and safeguard petroleum investments that serve the Nigerian people. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsNigeria United States