THUR APRIL 09 2026-theGBJournal| ExxonMobil is positioning for a fresh wave of offshore investment in Nigeria, with plans to drill several new wells in the USAN field and advance the long-delayed Owowo deepwater project.
This was revealed the Senior Vice President, Deepwater, ExxonMobil Upstream Company, Mr. Hunter Farris when he led his team on a visit to the Nigerian Upstream Regulatory Commission (NUPRC) headquarters in Abuja, as part of activities to mark 20 years of Erha deep water project.
The proposed activities point to a strategic effort to boost production and tap into sizeable untapped reserves, reflecting improved investor sentiment as regulatory reforms continue to reshape Nigeria’s oil and gas landscape.
Mr. Hunter Farris, said the oil major was encouraged by Nigeria’s improved investment climate hence its decision to “renew our vows to Nigeria”.
Specifically, he noted that the Production Sharing Contract on Erha had been extended to 2042 and the company was doing a lot of life extension works to get the Erha FPSO back to maximum performance.
On the Owowo project, he said, “There is about a billion barrels of developed resource, of between $7 billion and $8 billion 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 $15 billion and $16 billion if the company was to develop a new FPSO and new pipelines.
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