Global energy giant ExxonMobil has announced pledged to significantly expands its Nigerian operations, outlining plans for a series of new deepwater projects with the potential to recover up to one billion barrels of oil in phases.
This was disclosed during a meeting between the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Senior Vice President of Deepwater at ExxonMobil Upstream Company, Mr. J. Hunter Farris in Abuja recently.
According to the ExxonMobil delegation, the planned investment includes the deployment of a new Floating Production Storage and Offloading (FPSO) vessel alongside extensive brownfield renovations to existing facilities.
The company also revealed that it intends to initiate the drilling of multiple new wells and the installation of critical subsea infrastructure.
These initiatives are designed to bolster production capacity and align with Nigeria’s strategic goal of maximizing value from its deepwater assets.
In his remarks, the Minister of State for Petroleum Resources (Oil), Senator Lokpobiri expressed optimism regarding the proposed projects, viewing them as a direct result of ongoing reforms under the administration of President Bola Ahmed Tinubu.
The Minister emphasized that the government remains committed to transforming the industry to ensure mutual benefits for both the Nigerian people and international partners.
He noted that the communication of these additional investments serves as a reaffirmation of Nigeria’s status as an attractive destination for energy capital.
The timing of this announcement coincides with the 20th anniversary of first production from the Erha Deepwater Field, highlighting a two-decade partnership in offshore operations.
Farris conveyed the company’s appreciation for this long-standing collaboration and reiterated a firm commitment to deepwater Nigeria.