ExxonMobil Eyes 2027 FID on $8bn Owowo Deepwater Project

ExxonMobil has indicated plans to take a final investment decision (FID) on its $7 billion to $8 billion Owowo deepwater project as early as next year, following high-level talks with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.

The development was disclosed in a statement issued on Thursday by the company’s Head of Media and Corporate Communications, Eniola Akinkuotu, after ExxonMobil executives visited the Commission’s headquarters.

Speaking during the engagement, ExxonMobil’s Senior Vice President, Deepwater, Hunter Farris, said renewed confidence in Nigeria’s investment climate had prompted the company to strengthen its commitment to upstream operations.

Farris revealed that the Owowo field, estimated to contain about one billion barrels of recoverable resources, is advancing towards an FID timeline targeted for early next year. He noted that the project is expected to rank among the largest forthcoming deepwater developments in Nigeria.

Beyond Owowo, ExxonMobil outlined broader investment plans across its portfolio. These include ongoing life-extension works at the Erha deepwater field, where the production sharing contract has been extended to 2042, as well as fresh drilling campaigns at the Usan field.

He also highlighted the potential development of the Bosi field, located near Erha, which could attract between $15 billion and $16 billion in new investments if plans for a Floating Production Storage and Offloading (FPSO) unit and associated pipeline infrastructure are approved.

Farris said the scale and timing of these projects underscore ExxonMobil’s strategy to reposition itself within Nigeria’s upstream sector, particularly as global interest in deepwater exploration continues to rise.

Responding, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, described the prospect of near-term FIDs as a positive signal for the country’s oil and gas industry. She assured ExxonMobil of the Commission’s continued regulatory support, noting its commitment to fostering investments that align with Nigeria’s economic priorities.