ExxonMobil Plans $8bn Owowo and $16bn Bosi Deepwater Investments in Nigeria

ExxonMobil has outlined plans for two major deepwater projects to the Nigerian Upstream Petroleum Regulatory Commission in Abuja. The Owowo development holds around one billion barrels of developed resources and could reach a Final Investment Decision as early as next year at a cost of $7–8 billion. Adjacent to Erha, the Bosi field offers potential for $15–16 billion in fresh capital through a new FPSO and pipeline infrastructure. The company also plans new drilling activity at the Usan project and has extended the Erha production sharing contract to 2042 with life-extension works on its FPSO. Hunter Farris, ExxonMobil’s Senior Vice President for Deepwater, praised Nigeria’s improved regulatory environment. NUPRC CEO Oritsemeyiwa Eyesan welcomed the renewed commitment and pledged continued support for investments that benefit Nigerians.

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