ExxonMobil Plans Huge Come Back to Invest in Major Deep-water Projects in Nigeria’s Oil and Gas Sector….details

American oil giant ExxonMobil has renewed plans to invest in major deep-water projects in Nigeria’s oil and gas sector, signalling fresh momentum in offshore development.

As part of the plan, the company said it expects to take a Final Investment Decision on the 8 billion dollar Owowo field by 2027. It also disclosed that the Production Sharing Contract for the Erha deep-water project has been extended to 2042.

The Owowo oil field lies in Nigeria’s deep offshore area within Oil Mining Leases 139 and 154. It is located about 25 kilometres east of the Usan field, off the coast of Bayelsa State. The Erha oil field is also located offshore Nigeria in the deep-water Gulf of Guinea, within the western Niger Delta.

The new deep-water developments are expected to take place close to the existing Erha field, which has been in operation for about 20 years.

….stay tuned for more!