ExxonMobil plans to invest up to $24 billion in Nigeria’s deepwater oil sector. The company announced the strategy during a meeting with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
The investment focuses on extending the operational life of the Erha deepwater project. ExxonMobil will also drill new wells at the Usan field. Development will advance at the Owowo and Bosi projects, which contain billions of barrels in resources.
Hunter Farris, Senior Vice President of Deepwater, confirmed the company is prioritizing Nigerian expansion. ExxonMobil expects to reach a final investment decision on the Owowo project as early as 2025.
The NUPRC pledged to support and safeguard the proposed investments. The move follows recent improvements to Nigeria's energy investment climate.