ExxonMobil has signalled a fresh wave of interest in Nigeria’s deepwater oil sector, with plans that could return large-scale offshore investment to the country after years of slow project movement. During a visit to the Nigerian Upstream Petroleum Regulatory Commission, the company said it was progressing work on the Owowo deepwater project and could take a Final Investment Decision as early as 2027.
The clearest official confirmation came from the NUPRC on April 9, 2026. The regulator said ExxonMobil briefed it on planned multi-billion dollar deepwater investments during activities marking 20 years of the Erha project. The agency quoted ExxonMobil Senior Vice President for Deepwater, Hunter Farris, as saying the company was encouraged by Nigeria’s improved investment climate and had chosen to “renew our vows to Nigeria.”
At the centre of the immediate plan is the Owowo field, where ExxonMobil said there is about one billion barrels of developed resource tied to a project estimated at between 7 billion dollars and 8 billion dollars. According to the NUPRC statement, the company is advancing the project and is looking at a possible FID as early as next year, which aligns with a 2027 decision timeline.
ExxonMobil also said the Production Sharing Contract for the Erha field has been extended to 2042. The company added that it is carrying out life-extension work to return the Erha FPSO to maximum performance. Erha is one of Nigeria’s landmark deepwater assets and first oil from the field was announced by ExxonMobil in 2006, making the project roughly 20 years old this year.
Beyond Owowo and Erha, ExxonMobil said it is weighing further offshore spending. The company told the regulator it is preparing potential new investment in Usan, including the drilling of additional wells. It also pointed to the nearby Bosi field, where a full development involving a new FPSO and pipelines could require between 15 billion dollars and 16 billion dollars in fresh capital. Reports citing the Abuja meeting put the broader potential spend across these offshore assets at up to 24 billion dollars.
For Nigeria, the announcement matters because deepwater projects are capital-intensive, long-cycle investments that usually move only when operators see greater regulatory certainty, fiscal stability and export potential. NUPRC chief executive Oritsemeyiwa Eyesan said the prospect of FIDs next year was encouraging and pledged regulatory support for the projects.
The development also revives attention on Owowo, a field ExxonMobil publicly described in 2016 as a significant offshore discovery with potential recoverable resources of between 500 million and 1 billion barrels of oil. A commercial sanction would mark a major step from discovery to full-scale development.
Even so, the projects are still at the proposal and evaluation stage. ExxonMobil has indicated intent and a possible timing window, but final approval, project structuring, partner alignment and execution decisions still lie ahead. That means the announcement is better read as a strong investment signal rather than a completed commitment.
