ExxonMobil is advancing plans for two large offshore projects in Nigeria — Bosi and Owowo — as it looks to unlock up to $24 billion in deepwater investment over the next several years.
The announcement, delivered by Hunter Farris, Senior Vice President for Deepwater, during high-level briefings with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), signals an end to a prolonged period of regulatory stagnation and capital flight.
Following the total divestment of its onshore joint-venture assets (Mobil Producing Nigeria Unlimited) to focus strictly on safer, high-yield deepwater terrains, ExxonMobil is positioning Nigeria as a primary growth anchor in its global portfolio.
Bosi, in OML 133, is expected to require about $15 billion to $16 billion and would be developed around a new floating production, storage and offloading unit, or FPSO. Owowo, spanning OML 139 and OML 154, is estimated to hold about 1 billion barrels of resources and may need another $7 billion to $8 billion to develop.
Deepwater Strategy
The projects underline ExxonMobil’s shift toward capital-intensive offshore developments that can sidestep many of the security and logistics risks that continue to affect Nigeria’s onshore oil sector. Deepwater assets also offer the company a route to higher-volume production with fewer exposure points on land.
Bosi appears to be the nearer-term priority, with front-end engineering and commercial work likely to gather pace as the company weighs project economics and regulatory approvals. Owowo, by contrast, remains more contingent on further subsurface work and a clearer commercial framework.
Timing and FID
Hunter Farris, ExxonMobil’s vice president for deepwater offshore, has indicated that a final investment decision on the broader deepwater program could come in early 2027. That places 2026 and 2027 as a critical window for field development planning, regulatory engagement and environmental compliance.
The company will also need to align with Nigeria’s upstream regulator on domestic value retention rules and project execution milestones. If the plans proceed, the two fields could become central to ExxonMobil’s next phase of growth in one of Africa’s most important oil provinces.
Nigeria Outlook
For Nigeria, the proposed investments would be a welcome signal at a time when the government is pushing to revive upstream spending and sustain oil output. Large deepwater projects can bring significant capital inflows, stronger export earnings and longer-term production stability if execution stays on track.
The bigger test will be whether ExxonMobil can convert strategic intent into sanctioned spending in a market where fiscal terms, regulatory clarity and project security remain key determinants of investment decisions.
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