ExxonMobil Considers Major $24bn Deepwater Investment in Nigeria
Pecohub ExxonMobil has signalled a potential investment of up to $24 billion in Nigeria’s deepwater oil sector.
The indication emerged during a visit by senior executives of ExxonMobil to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, marking 20 years of the Erha deepwater project.
NUPRC, in a release signed by its Head, Media and Corporate Communications, cited ExxonMobil’s Senior Vice President for Deepwater, Hunter Farris, as saying that the firm was “renewing its vows to Nigeria.”
At the centre of the proposed investments is the Bosi field, located near the Erha asset, where ExxonMobil estimates capital expenditure of between $15 billion and $16 billion would be required to develop a new floating production storage and offloading (FPSO) unit alongside associated pipelines.
The scale shows a potential resurgence of large-ticket upstream commitments in Nigeria’s offshore segment following the recent announcement by Shell.
Responding, NUPRC’s Chief Executive, Oritsemeyiwa Eyesan, welcomed the development, assuring regulatory support for timely project execution.
