… Erha, Owowo oil fields top priority as NUPRC lauds firm
FAVOUR ISHEMBER, Abuja
The proposed multi-billion-dollar Owowo deepwater project has emerged as the focal point of ExxonMobil’s renewed investment drive in Nigeria, as the oil giant signals plans to commit fresh capital to key offshore assets.
This was disclosed during a visit by ExxonMobil officials to the headquarters of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, as part of activities marking the 20th anniversary of the Erha deepwater project.
Speaking during the engagement, ExxonMobil’s Senior Vice President, Deepwater, Hunter Farris, highlighted the Owowo field as a major growth opportunity, revealing that the project holds an estimated one billion barrels of recoverable resources.
According to him, the development is projected to cost between $7 billion and $8 billion, with the company already advancing plans towards a Final Investment Decision (FID) that could come as early as next year.
“There is about a billion barrels of developed resource; we are progressing, looking into an FID as early as next year,” Farris said.
He explained that the renewed investment interest was driven by Nigeria’s improving business environment, noting that ExxonMobil was ready to deepen its footprint in the country.
“We are encouraged by the improved investment climate and are here to renew our vows to Nigeria,” he added.
Beyond Owowo, Farris disclosed that ExxonMobil is also preparing for additional investments in the Usan field, which will involve drilling several new wells, as well as ongoing upgrades at the Erha deepwater asset.
He noted that the Production Sharing Contract for Erha has been extended to 2042, while extensive life-extension works are underway to restore the Erha Floating Production Storage and Offloading (FPSO) facility to optimal performance.
The company also identified the Bosi oil and gas field, located near Erha, as another high-value opportunity capable of attracting between $15 billion and $16 billion in investment.
This he said, would involve the development of a new FPSO and supporting pipeline infrastructure.
Farris described the overall investment outlook as a clear indication that ExxonMobil is “getting back in business” in Nigeria and remains committed to long-term operations in the country.
He further noted that the company is aligning with what he termed a “rejuvenation” or “golden age” of deepwater exploration in Nigeria, supported by reforms that have enhanced regulatory clarity and ease of doing business.
In response, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, welcomed the development and expressed optimism about the prospects of new investments.
“To hear that FIDs are likely next year is very exciting and rest assured we are willing to support you,” she said.
Eyesan reaffirmed the Commission’s commitment to creating an enabling environment for investors, stressing that it would continue to promote and protect petroleum sector investments that align with national interest.
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