The Federal Government has intensified its drive to attract massive foreign capital into the nation’s oil and gas sector, with a specific focus on deepwater assets.

This renewed push was highlighted during recent high-level discussions between government representatives and executives from ExxonMobil, where the energy giant signaled its intention to potentially inject up to $24 billion into new and existing offshore projects.

The investment roadmap, unveiled during a strategic visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja, centers on several key frontiers. A major pillar of this plan is the Owowo deepwater project, which holds an estimated one billion barrels of oil. ExxonMobil indicated that it is progressing toward a Final Investment Decision (FID) for the $7 billion to $8 billion venture as early as next year. Additionally, the Bosi field adjacent to Erha could attract another $15 billion to $16 billion if developed with new pipeline infrastructure and a dedicated Floating Production Storage and Offloading (FPSO) vessel.

The investment roadmap, unveiled during a strategic visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja, centers on several key frontiers. A major pillar of this plan is the Owowo deepwater project, which holds an estimated one billion barrels of oil. ExxonMobil indicated that it is progressing toward a Final Investment Decision (FID) for the $7 billion to $8 billion venture as early as next year. Additionally, the Bosi field adjacent to Erha could attract another $15 billion to $16 billion if developed with new pipeline infrastructure and a dedicated Floating Production Storage and Offloading (FPSO) vessel.

The Minister of Interior, Dr. Olubunmi Tunji-Ojo, and other key government officials have been actively engaging with International Oil Companies (IOCs) to showcase Nigeria’s reformed regulatory landscape. These efforts aim to leverage the Petroleum Industry Act (PIA) to provide the fiscal clarity and stability that major investors require. The government’s message emphasizes that Nigeria is once again a premier destination for energy investment, citing the “rejuvenation of deepwater” as a golden age for the country’s petroleum industry.

ExxonMobil’s Senior Vice President for Deepwater, Hunter Farris, expressed a renewed commitment to the country, famously stating that the company is ready to “renew its vows to Nigeria.” This shift in sentiment follows significant improvements in the ease of doing business and the extension of key production sharing contracts, such as the Erha project, which has been secured until 2042. Beyond new projects, the oil major is also focusing on “brownfield” renovations to restore existing facilities to peak performance.

The NUPRC has welcomed these developments, assuring investors of the commission’s full support in safeguarding their assets. For Nigeria, these multi-billion dollar commitments are seen as a vital lifeline to bolster national crude oil production which recently climbed to 1.84 million barrels per day and to stimulate economic growth through job creation and increased foreign exchange inflows.