ExxonMobil has disclosed plans to invest in multi-billion dollar deep-water projects in Nigeria given the bright prospects in the country’s business environment the Oil major also disclosed.
ExxonMobil unveiled its plans when it visited the NUPRC headquarters in Nigeria’s federal capital, Abuja as part of activities to mark 20 years of Erha deep water project.
In his remarks, the Senior Vice President, Deepwater, ExxonMobil Upstream Company, Mr. Hunter Farris, said the oil major was encouraged by Nigeria’s improved investment climate, a development he noted drove the company’s action to improve on its business interests in the oil rich nation.
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.
Besides Erha, he said ExxonMobil was gearing up for potential new investments on Usan which entails “drilling a handful of wells” as well as the Owowo deepwater project.
On the Owowo project, he said, “There is about a billion barrels of developed resource, of between $7bn and $8bn 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 $15bn and $16bn if the company was to develop a new FPSO and new pipelines.
The visiting ExxonMobil team was received by the authority chief executive of the NUPRC, Oritsemeyiwa Eyesan.
