U.S. energy giant ExxonMobil is approaching a key milestone as it prepares to declare Final Investment Decision (FID) readiness on a portfolio of deepwater oil projects in Nigeria valued at around $10 billion, according to ThisdayLive.
The company’s Nigeria Chairman, Jagir Baxi, disclosed that preparations are at an advanced stage, with the first phase centred on a $1 billion infill drilling programme at the Usan deepwater field, where early commitments and foundational contracts are already underway.
Beyond Usan, ExxonMobil is progressing development of the Owowo deepwater asset, a large-scale project estimated to require between $7 billion and $8 billion in investment. The field is expected to deliver up to 100,000 barrels per day of crude and significant gas output, forming a cornerstone of the broader investment plan.
Collectively, the projects are part of ExxonMobil’s strategy to boost its Nigerian production from about 100,000 barrels per day to 250,000 barrels per day within five years, leveraging deepwater assets as the next growth frontier.
