ExxonMobil Eyes Final Investment Decision On Eight Billion Dollar Owowo Deepwater Field Development By Early Next Year

ExxonMobil targets a 2027 investment decision for the $8bn Owowo field as deepwater confidence grows, with potential $16bn plans for the Bosi field development.

By: AXL Media

Published: Apr 10, 2026, 3:39 AM EDT

Source: Information for this report was sourced from Daily Trust

Strategic Reinvestment Sparked By Improved Economic Climate

ExxonMobil has announced significant plans to advance its deepwater portfolio in Nigeria, marking a major shift in the company’s regional strategy. During a high level executive visit to the Nigerian Upstream Petroleum Regulatory Commission in Abuja, company leadership expressed a renewed confidence in the country’s investment landscape. Hunter Farris, the Senior Vice President for Deepwater, indicated that recent improvements in the local business environment have prompted the firm to accelerate its exploration and production timelines for its most promising offshore assets.

Owowo Field Development Targets Billion Barrel Recovery

The center piece of this renewed focus is the Owowo deepwater project, which is currently estimated to hold approximately one billion barrels of recoverable oil resources. Farris disclosed that the company is working toward a Final Investment Decision for the project, with a target date set for early next year. Estimated to require an investment between $7 billion and $8 billion, the Owowo development is expected to become one of the most substantial deepwater operations in Nigeria’s maritime territory once fully sanctioned.

Expansion Plans For Erha And Usan Deepwater Assets

Beyond the new development at Owowo, ExxonMobil is actively extending the operational life of its existing production hubs. The company confirmed that its production sharing contract for the Erha deepwater field has been officially extended to 2042, allowing for long term life extension works and infrastructure upgrades. Additionally, the firm is preparing to launch new drilling campaigns at the Usan field, aiming to maintain and potentially increase production levels through the deployment of advanced subsea technology and targeted exploration.