ExxonMobil expects to make a final investment decision on its Owowo deepwater project in Nigeria early next year. The project is valued at about $7–8 billion.
S&P Global reports that ExxonMobil’s Vice President for Deepwater Offshore, Hunter Farris, confirmed the timeline. He said 2026–2027 will be important for engineering work, regulatory approvals, and coordination with the Nigerian Upstream Petroleum Regulatory Commission on field development plans, local content requirements, and environmental standards.
ExxonMobil operates the Owowo field with a 27% stake. Chevron Nigeria Limited also holds 27%, TotalEnergies E&P Nigeria Limited owns 18%, Nexen Petroleum Deepwater Nigeria Limited has 18%, and the Nigerian National Petroleum Company Limited holds 10%.
In April 2026, ExxonMobil increased its focus on deepwater assets in the Niger Delta. It placed the Bosi field in OML 133 and the Owowo project across OMLs 139 and 154 at the center of its development plans.
The company estimates the Bosi project will cost between $15 billion and $16 billion. It plans to use a new floating production storage and offloading vessel to support production and reduce dependence on onshore logistics and export routes.
During a meeting with the Nigerian Upstream Petroleum Regulatory Commission in Abuja in April, Farris said Nigeria’s improved investment conditions encouraged the company to strengthen its long-term commitment.
He also said ExxonMobil extended the Production Sharing Contract for the Erha field to 2042 and is working on upgrades to restore full performance at the Erha FPSO.
Beyond Erha, he said the company is preparing for possible new drilling activity at the Usan field and continues to assess the Owowo development.
Farris said the Owowo field contains about one billion barrels of recoverable resources. He added that the project could cost $7–8 billion and the company is working toward a possible FID next year.
He also noted that the nearby Bosi field could attract $15–16 billion in investment if ExxonMobil moves forward with a new FPSO and pipeline infrastructure.
Earlier in April, ExxonMobil affiliate chairman and managing director Jagir Baxi outlined upcoming investment plans, including Owowo and Bosi.
He said the company aims to increase Nigeria’s oil production from about 100,000 barrels per day to 250,000 barrels per day within five years.
ExxonMobil also announced in September 2024 that it plans to invest about $10 billion in Nigeria’s deepwater sector after meeting Vice President Kashim Shettima in New York. The company said this could help unlock around 180,000 barrels per day of production.
The Owowo field, which holds between 500 million and one billion barrels of reserves, remains central to this plan. ExxonMobil plans to connect the development to its existing Usan FPSO facility.
source: www.arise.tv
African Energy Council