ExxonMobil has reaffirmed its long-term commitment to Nigeria’s upstream petroleum industry, unveiling plans for multi-billion-dollar investments across the Bosi Field, Owowo Field, and the Erha Deepwater Project. The announcement was made during a high-level visit by the company’s executives to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, where discussions focused on the next phase of deepwater oil and gas development and upcoming Final Investment Decisions (FID).
The visit coincided with the 20th anniversary of the Erha Deepwater Project, one of Nigeria’s flagship offshore developments. During the meeting, ExxonMobil’s Senior Vice President, Deepwater, Hunter Farris, said the company is entering a new chapter of investment in Nigeria, describing the country’s improved investment climate and regulatory reforms as major factors behind its renewed confidence.
According to Farris, ExxonMobil has extended the Production Sharing Contract (PSC) for the Erha Deepwater Project through 2042, providing long-term certainty for continued investment. The company is currently carrying out extensive life-extension programmes on the Erha Floating Production Storage and Offloading (FPSO) facility to restore production efficiency and maximise asset performance. These upgrades are expected to strengthen Erha’s contribution to Nigeria’s offshore oil production for years to come.
Beyond Erha, ExxonMobil revealed that it is preparing for additional deepwater investments across several strategic assets. Among them is the Owowo Field, one of Nigeria’s largest undeveloped offshore discoveries. Farris disclosed that the project contains approximately one billion barrels of recoverable resources and is expected to require between $7 billion and $8 billion in capital investment. The company is currently progressing engineering and commercial activities with the objective of reaching a Final Investment Decision (FID) as early as next year.
The company also highlighted the significant potential of the Bosi Field, located adjacent to the Erha development. ExxonMobil said the Bosi Field represents one of its most promising future deepwater opportunities in Nigeria. Development of the asset could attract between $15 billion and $16 billion in fresh investment through the construction of a new FPSO facility, subsea infrastructure and export pipelines. If approved, the Bosi Field project would rank among the largest upstream oil and gas investments in Nigeria in recent years.
In addition to the Bosi and Owowo developments, ExxonMobil said it is also advancing plans for new drilling activities on the Usan field as part of its broader strategy to expand deepwater production in Nigeria. The company noted that these investments demonstrate its renewed commitment to growing its Nigerian portfolio while supporting increased crude oil production and long-term energy security.
Farris described the planned investments as evidence that ExxonMobil is “getting back in business” in Nigeria and remains committed to expanding its presence in the country’s offshore sector. He added that the company sees Nigeria entering a new era of deepwater growth, supported by regulatory certainty, improved fiscal policies and a more attractive investment environment.
ExxonMobil also commended the Nigerian Upstream Petroleum Regulatory Commission for implementing reforms that have significantly improved the ease of doing business in the country’s petroleum industry. The company noted that regulatory stability and transparent engagement with investors are helping to restore confidence in Nigeria as a leading destination for upstream oil and gas investment.
Responding to ExxonMobil’s presentation, the Commission Chief Executive of NUPRC, Engr. Gbenga Komolafe, welcomed the company’s renewed investment plans and described the prospect of Final Investment Decisions on the Bosi Field, Owowo Field and other deepwater projects as a positive signal for Nigeria’s petroleum sector. He reiterated the Commission’s commitment to supporting responsible investment, accelerating project approvals and ensuring that petroleum development delivers long-term value for Nigeria and its citizens.
The proposed developments at the Bosi Field, Owowo Field and the Erha Deepwater Project are expected to attract up to $24 billion in combined investment, strengthen Nigeria’s offshore production capacity and reinforce the country’s position as one of Africa’s leading deepwater oil and gas producers. With Final Investment Decisions anticipated in the near term, these projects are expected to become some of the most closely watched developments in Nigeria’s upstream petroleum industry.
