• Bosi, Owowo fields lead plans; decision possible by 2027

• Company targets output growth, extends life of Erha field

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

The company is evaluating several projects, with two as the main focus: the Bosi field in OML 133 and the Owowo project, which spans blocks OPL 223 and OML 139. The Bosi project could require between $15 billion and $16 billion, including the installation of a new floating production storage and offloading (FPSO) unit.

The Owowo project, with estimated resources of one billion barrels, is expected to require $7 billion to $8 billion, according to ExxonMobil officials. Farris said a final investment decision (FID) could come in early 2027.

Separately, the company plans further work on infrastructure linked to the conventional Erha oil field, aiming to extend its productive life and optimize facility output.

According to energy analytics firm GlobalData, about 73% of the field’s total recoverable reserves have already been produced. The firm expects production, which reached around 75,000 barrels per day in October 2025, to continue until the field reaches its economic limit, estimated around 2046.

ExxonMobil has taken steps in recent years to increase its oil output in Nigeria. In September 2023, Ecofin Agency reported that the company planned to boost crude production in the country, focusing on its deepwater operations.

After completing the divestiture of Mobil Producing Nigeria Unlimited in December 2024, all of ExxonMobil’s Nigerian production now comes from offshore fields, mainly the Erha and Usan oil fields.

In its full-year results published in late January 2026, ExxonMobil reported producing 142,000 barrels of liquids per day across Africa, though the figure does not specify Nigeria’s share. During the briefing before the NUPRC, company officials said Nigerian output stands at around 100,000 barrels per day.

In a statement released in May 2025, the NUPRC said a $1.5 billion ExxonMobil investment was aimed at reviving the Usan field, while work was already under way at the Erha field to sustain production capacity.

Abdel-Latif Boureima