ExxonMobil has outlined plans to advance up to $10 billion in deepwater oil investments in Nigeria, with key projects approaching Final Investment Decision stages. The initiative begins with a $1 billion infill drilling programme at the Usan field, aimed at boosting near-term production, while larger developments such as the Owowo field are being prepared for execution.
The company projects a significant increase in output, targeting growth from 100,000 barrels per day to 250,000 barrels per day within five years. The Owowo project alone is expected to contribute up to 100,000 barrels per day, alongside additional gas production, supported by new infrastructure and subsea developments.
ExxonMobil attributed the renewed investment momentum to improved fiscal incentives and regulatory reforms, noting strong collaboration with government agencies and partners. The projects are expected to enhance Nigeria’s oil and gas output, strengthen energy supply, and attract further upstream investment into the sector.
