Nigeria’s improved investment climate attracts ExxonMobil’s billion-dollar expansion drive.

ExxonMobil has announced plans to invest billions of dollars in both new and existing deepwater oil projects in Nigeria, pointing to a more favourable investment climate and improved regulatory framework.
The disclosure was made by the Senior Vice President for Deepwater at ExxonMobil Upstream Company, Hunter Farris, during a visit to the headquarters of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.

The visit was part of activities marking the 20th anniversary of the Erha deepwater project.
In a statement issued by NUPRC’s Head of Media and Corporate Communications, Eniola Akinkuotu, Farris explained that the improved business environment in Nigeria has strengthened the company’s long-term commitment to the country.
He revealed that the Production Sharing Contract for the Erha field has now been extended to 2042, with ongoing efforts to improve the efficiency of the Erha Floating Production Storage and Offloading (FPSO) facility.
Looking beyond Erha, ExxonMobil is planning further investments in the Usan field, including the drilling of several new wells. The company is also advancing development work on the Owowo deepwater project. According to Farris, the Owowo field, estimated to contain about one billion barrels of resources, could attract between $7 billion and $8 billion in investment, with a Final Investment Decision (FID) possibly coming as early as next year.
Farris also identified the Bosi oil and gas field, located near Erha, as another significant opportunity. He noted that the project could draw between $15 billion and $16 billion in new investments if developed with a new FPSO and the required pipeline infrastructure.
He emphasized that these projects reflect ExxonMobil’s renewed strategic focus on Nigeria and represent part of a broader resurgence in deepwater exploration and production activities.
Responding to the development, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, welcomed the announcement and expressed optimism about the potential inflow of new investments. She assured ExxonMobil of the Commission’s continued support in enabling and safeguarding investments that align with Nigeria’s national interest.
The company’s renewed commitment highlights increasing confidence among international oil companies in Nigeria’s evolving regulatory landscape and its capacity to drive a new phase of deepwater oil growth.