EXXONMOBIL SET TO UNLEASH $10BN DEEPWATER INVESTMENT IN NIGERIA
GREATRIBUNETVNEWS–EXXONMOBIL is gearing up for a major investment push in Nigeria’s deepwater oil sector, with plans to declare Final Investment Decisions (FIDs) on multi-billion dollar projects soon.
Key Highlights:
– _”ExxonMobil is planning to invest $10 billion in deep-water oil projects in Nigeria, expecting to unlock at least 180,000 barrels per day.”_ – THISDAYLIVE
– The company is focusing on projects like Usan, Owowo, and Erha, with plans to drill new wells and extend production contracts.
– _”The Owowo asset holds between 500 million and one billion oil reserve, and its development requires a tie-back to the company’s nearby Usan Floating Production, Storage and Offloading (FPSO) facility.”_ – Jagir Baxi, Chairman and Managing Director, ExxonMobil Nigeria
– ExxonMobil aims to increase its oil production in Nigeria to 250,000 barrels per day within the next five years.
– The company has already committed $1.5 billion for the Usan infill drilling program and plans to declare FID for the Owowo project soon
On the Owowo project, he said, “There is about a billion barrels of developed resource, of between $7bn and $8bn dollar project, that we are progressing, looking into an FID as early as next year.”
Farris also spoke about the Bosi oil and gas field adjacent Erha which he said had the potential of attracting fresh capital of between $15bn and $16bn if the company was to develop a new FPSO and new pipelines.
The visiting ExxonMobil team was received by the authority chief executive of the NUPRC, Oritsemeyiwa Eyesan
ExxonMobil’s investment plans underscore its confidence in Nigeria’s upstream potential and commitment to growth in the sector.
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