ExxonMobil Targets 2026 Final Investment Decision for $7–8 Billion Owowo Deepwater Project in Nigeria
ExxonMobil is targeting a final investment decision (FID) for its Owowo deepwater development offshore Nigeria in early 2026, with the project estimated to cost between $7 billion and $8 billion.
According to S&P Global, ExxonMobil Vice President for Deepwater Offshore Hunter Farris confirmed the timeline, noting that 2026–2027 will be critical years for engineering work, regulatory approvals, and coordination with the Nigerian Upstream Petroleum Regulatory Commission on field development plans, local content compliance, and environmental standards.
Project Partners and Ownership Structure
The Owowo field is jointly held by several international and Nigerian stakeholders. ExxonMobil operates the asset with a 27% stake, alongside Chevron (27%), TotalEnergies (18%), Nexen Petroleum (18%), and the Nigerian National Petroleum Company Limited (10%).
The field is estimated to contain around one billion barrels of recoverable resources and is considered a key component of ExxonMobil’s long-term deepwater strategy in Nigeria.
Deepwater Investment Strategy
In April 2026, ExxonMobil intensified its focus on deepwater assets in Nigeria’s Niger Delta, prioritizing both the Owowo field (OMLs 139 and 154) and the Bosi field in OML 133.
The company estimates that development of the Bosi project could require investment of $15 billion to $16 billion, supported by a new floating production, storage, and offloading (FPSO) vessel designed to reduce reliance on onshore infrastructure and improve export efficiency.
During discussions with the Nigerian Upstream Petroleum Regulatory Commission in Abuja, Hunter Farris said improved investment conditions in Nigeria were encouraging ExxonMobil to reinforce its long-term commitment to the country’s offshore sector.
He also confirmed that the Production Sharing Contract for the Erha field has been extended to 2042, with ongoing upgrades aimed at restoring full FPSO performance. Additional evaluation work is also underway for potential new drilling at the Usan field.
Production Growth Plans in Nigeria
ExxonMobil has outlined broader ambitions to increase Nigeria’s oil output from about 100,000 barrels per day to 250,000 barrels per day over the next five years, driven primarily by deepwater redevelopment projects.
The Owowo development remains central to this strategy, with plans to tie production into existing infrastructure, including the Usan FPSO facility, to optimize capital efficiency and accelerate output growth.
The company first indicated expanded investment interest in Nigeria’s deepwater sector in 2024, when it signaled potential spending of around $10 billion aimed at unlocking up to 180,000 barrels per day of additional production capacity.
