ExxonMobil Eyes Up to $24 Billion in Offshore Oil Investments in Nigeria

U.S. energy giant ExxonMobil is considering up to $24 billion in offshore oil investments in Nigeria, indicating renewed push into deepwater development. Hunter Farris, vice president for deepwater, outlined the plans during a briefing in Abuja before the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on April 9.

ExxonMobil is assessing several opportunities, with the Bosi field in OML 133 and the Owowo project spanning OPL 223 and OML 139 at the centre of its plans.

The company expects the Bosi development to cost between $15 billion and $16 billion, including the installation of a new floating production storage and offloading (FPSO) unit. The Owowo project, which holds an estimated one billion barrels of resources, could require a further $7 billion to $8 billion. Together, these projects form the core of ExxonMobil’s near-term deepwater strategy, with a final investment decision on Owowo likely as early as 2027.

Existing Assets and Production

At the same time, ExxonMobil is working to sustain and extend output from its existing assets, particularly the Erha oil field. The company plans to upgrade infrastructure to improve efficiency and keep production running for longer. Data from GlobalData shows that about 73% of Erha’s recoverable reserves have already been produced. Even so, output reached roughly 75,000 barrels per day in October 2025, and current projections suggest production could continue until around 2046, when the field reaches its economic limit.

Following the divestiture of Mobil Producing Nigeria Unlimited in December 2024, ExxonMobil now sources all its Nigerian output from offshore fields, mainly Erha and Usan. This move aligns with the company’s focus on deepwater assets, where it sees stronger long-term value.

Production Levels and Recent Investments

In its full-year 2026 results released in January, ExxonMobil reported producing 142,000 barrels per day across Africa, without specifying Nigeria’s share. However, company officials said during the Abuja briefing that Nigeria accounts for roughly 100,000 barrels per day of that total.

Recent investments also show where the company is focusing. In May 2025, the NUPRC confirmed a $1.5 billion ExxonMobil investment aimed at reviving production at the Usan field, alongside ongoing work at Erha to maintain output levels.

If approved, the Bosi and Owowo projects would rank among ExxonMobil’s largest recent investments in Nigeria, strengthening its position in the country’s offshore sector and reinforcing its long-term focus on deepwater oil development.

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