ExxonMobil has expressed plans to take a final investment decision (FID) on its $7bn–$8bn Owowo deepwater project as early as next year, following high-level discussions with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
Eniola Akinkuotu, Head, Media and Corporate Communications, in a statement on Thursday, said this came to the fore during a visit by ExxonMobil executives to the Commission’s headquarters in Abuja.
During the engagement, ExxonMobil’s Senior Vice President, Deepwater, Hunter Farris, said the company’s confidence in Nigeria had been strengthened by improvements in the country’s investment climate, prompting a strategic recommitment to upstream operations.
He disclosed that the Owowo field, estimated to hold about one billion barrels of recoverable resources, is progressing toward an FID timeline targeted for early next year.
According to him, the project is expected to rank among Nigeria’s largest upcoming deepwater developments.
The company outlined additional investment plans across its asset portfolio. These include ongoing life-extension works on the Erha deepwater field, where the production sharing contract has been extended to 2042, as well as new drilling campaigns at the Usan field.
He further highlighted the potential development of the Bosi field, located near Erha, noting that it could attract fresh capital inflows of between $15bn and $16bn if a new Floating Production Storage and Offloading (FPSO) unit and associated pipeline infrastructure are sanctioned.
According to Farris, the scale and timing of these projects underscore ExxonMobil’s intention to reposition itself strongly within Nigeria’s upstream sector, particularly as deepwater operations experience renewed global interest.
NUPRC’s Chief Executive, Oritsemeyiwa Eyesan, welcomed the development, describing the prospect of near-term FIDs as a positive signal for the country’s oil and gas industry.
She assured the company of the Commission’s continued regulatory support, emphasizing its mandate to encourage and safeguard investments that align with national economic interests.