ExxonMobil Eyes $24 Billion Investment in Nigeria’s Deepwater Oil Sector
ExxonMobil is considering a potential $24 billion investment in Nigeria’s deepwater oil sector, signaling a major possible return of large-scale capital to the country’s offshore industry.
The indication emerged during a high-level meeting between ExxonMobil executives and the Nigerian Upstream Petroleum Regulatory Commission in Abuja, where the company outlined its renewed commitment to Nigeria’s energy sector.
The proposed investment is tied to multiple offshore projects, particularly the Bosi field, which alone could attract between $15 billion and $16 billion for development, including a new floating production storage and offloading (FPSO) facility and pipeline infrastructure.
In addition, ExxonMobil is advancing other deepwater projects such as Owowo, estimated at $7 billion to $8 billion, with a potential final investment decision expected as early as 2027.
Company executives said improved regulatory conditions and investment climate in Nigeria have encouraged the renewed interest, describing the move as part of a broader strategy to reposition in the country’s offshore oil sector. Regulators welcomed the development, noting it could signal a revival of investor confidence in Nigeria’s oil and gas industry after years of declining upstream investment.
The potential $24 billion commitment, if finalized, would rank among the largest oil and gas investments in Nigeria in recent years, with implications for production growth, revenue generation, and energy sector recovery.
