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ExxonMobil Proposes Mega Deepwater Investments in Nigeria

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Nigeria’s deepwater oil sector is on the brink of a major investment rebound because ExxonMobil has disclosed plans for multi-billion dollar projects, including a potential Final Investment Decision (FID) as early as 2027.

The global oil giant made the disclosure during a high-level visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.

The visit also saw the company brief regulators on its renewed upstream strategy and long-term commitment to Nigeria.

The development comes amid sustained efforts by the Federal Government to reposition the oil and gas sector following years of declining investment, regulatory uncertainty, and capital flight.

Head of Media and Corporate Communications, NUPRC, Eniola Akinkuotu, divulged these in a statement, in which he averred that the visit also coincided with activities marking 20 years of the Erha deepwater project, one of Nigeria’s flagship offshore assets.

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During the engagement, the Senior Vice President, Deepwater, ExxonMobil Upstream Company, Hunter Farris, said that the company was encouraged by recent improvements in Nigeria’s investment climate, prompting a strategic recommitment.

He declared, “We are encouraged by the improved investment climate in Nigeria, and that is why we are here to renew our vows to Nigeria.”

Farris disclosed that ExxonMobil had secured an extension of the Production Sharing Contract for the Erha field to 2042 and had commenced extensive life-extension works to restore the Floating Production Storage and Offloading vessel to optimal performance.

“The Production Sharing Contract on Erha has been extended to 2042, and we are doing a lot of life extension work to get the Erha FPSO back to maximum performance,” he said.

Beyond Erha, the company is also advancing new drilling activities at the Usan field while progressing plans for the Owowo deepwater project, which is emerging as one of Nigeria’s most significant upcoming developments.

On Owowo, Farris revealed, “There is about a billion barrels of developed resource, of between $7bn and $8bn project, that we are progressing, looking into an FID as early as next year.”

Investment of that scale would represent one of the largest upstream commitments in Nigeria in recent years and could signal renewed investor confidence in the country’s offshore potential.

Even more significant is the Bosi field, located adjacent to Erha, which ExxonMobil said could unlock a fresh wave of capital inflows if fully developed.

Farris explained, “The Bosi oil and gas field has the potential of attracting between $15bn and $16bn if we move forward with a new FPSO and associated pipelines.”

He stressed that the scale of the proposed investments underscores ExxonMobil’s renewed focus on Nigeria’s deepwater assets.

Energy

IEA Puts UAE’s Oil Output at 5.3mbpd for September

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Oil output from the United Arab Emirates (UAE) rose to record levels in September, underscoring its resilience even amidst the Middle East crises and liberation from OPEC+ limits.

The International Energy Agency (IEA) issued the data in its monthly report, adding that Abu Dhabi raised total oil production, including condensates, by 400,000 bpd to 5.3 MMbpd.

According to the IEA, the UAE bolstered crude output to more than 4.4 MMbpd, nearing its maximum capacity, which surpasses the previous highs for total oil in August, and crude oil in June.

READ ALSO: Africa’s Energy Security Conversations Pull Industry Executives Together

The UAE has been one of the most successful among regional producers in restoring flows through the Strait of Hormuz, by drawing on a fleet of tankers to discreetly shuttle cargoes through the chokepoint and then transfer them onto other vessels. In addition, the country’s decision to leave the Organization of the Petroleum Exporting Countries (OPEC) as of May has freed it from the group’s output caps, a source of frustration for years.

Its gains contributed to a wider recovery in flows from Gulf producers, which reached more than 75% of pre-war levels in September, led by Saudi Arabia, according to the Paris-based IEA.

Still, it’s unclear how far the regional rebound has withstood a new wave of Iranian attacks on tankers transiting Hormuz, and escalating hostilities carried out by the Houthi rebel faction in Yemen.

The UAE depleted its observable above-ground inventories at a record pace of more than 270,000 bpd in September, drawing them to an all-time low, according to the IEA.

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Africa’s Energy Security Conversations Pull Industry Executives Together

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Africa’s gas potential and strengthening the continent’s energy security would take centre stage at the Africa Interviews Sustainability Forum (AISF 2026) scheduled for Wednesday, October 21, in Lagos.

Biztellers reports that top officials of Oando Plc and Renaissance Africa Energy Company Limited, Ayotola Jagun and Tony Attah, respectively, will be leading other industry leaders in the discussion.

Jagun, Oando’s Executive Director, Chief Corporate Services and Sustainability Officer, and Attah, Managing Director and Chief Executive Officer of Renaissance Africa Energy Company Limited, will participate in a panel discussion alongside Lamé Verre of Lean In Equity & Sustainability (LiNES) and Dapo Filani, Managing Director and Chief Executive Officer of Waltersmith.

The panel will examine Africa’s energy security and the role of natural gas in the continent’s energy transition.

READ ALSO: 30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni

The forum, launched in 2024, is holding its third edition under the theme, “Energy Security and Africa’s Energy Transition: Defining the Role of Gas.”

This year’s gathering will explore how African countries can strengthen energy security, attract investment in gas development and balance growing energy demand with sustainability objectives.

Verre, a London-based energy and sustainability executive, is Co-founder and Chair of the Advisory Board of LiNES. She will bring her international experience in sustainability, decarbonisation and low-carbon development to the discussion. Her work spans low-carbon initiatives across sectors, including marine, the built environment, forestry, land and agriculture.

Jagun brings extensive experience in corporate governance, regulatory compliance, enterprise risk management and sustainability. Her contribution will provide a corporate sustainability and governance perspective on the relationship between energy development, environmental responsibility and Africa’s transition priorities.

Attah, a former Managing Director and Chief Executive Officer of Nigeria LNG Limited, has extensive experience in the oil and gas industry, particularly in natural gas development and major energy operations.

Filani leads Waltersmith, an indigenous Nigerian energy company with interests across the oil and gas value chain. His participation will highlight the role of indigenous energy companies in strengthening domestic energy capacity and supporting economic development.

The panel will consider what is required to unlock greater investment in Africa’s gas sector, how natural gas can support industrial growth while advancing sustainability, and what practical measures could help translate the continent’s energy ambitions into tangible outcomes.

Beyond the panel discussion, AISF 2026 will provide opportunities for engagement among senior energy executives, policymakers, investors and business leaders.

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Energy

Middle East Push, G7’s Strategic Reserve Release Arrest Oil Prices

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Oil prices on Monday went south, after crude exports from the Middle East rose above pre-war levels, while the Group of Seven nations pledged to release 100 million barrels of crude and diesel from emergency reserves.

Brent crude futures fell by $1.20, or 1.17 percent, to $101.05 a barrel, while West Texas Intermediate crude declined by $1.16, or 1.27 percent, to $89.95 per barrel, according to Reuters.

Middle Eastern crude exports exceeded pre-war levels on four of the seven days in the final week of September, shipping data showed, despite attacks on vessels passing through the strategic Strait of Hormuz.

The increase in exports, combined with the G7’s planned release of emergency stocks, helped put downward pressure on crude prices.

The G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions following pressure from United States President Donald Trump.

READ ALSO: Ndindi Nyoro Gives Ruto 14 Days to Disclose Dangote Refinery Deal

However, the scale of the additional supply remained uncertain.

IEA Executive Director, Fatih Birol, said last week that member countries had already released about two-thirds of the 400-million-barrel volume.

Meanwhile, supply concerns remained elevated as fighting continued across parts of the Middle East.

Saudi Aramco Chief Executive Officer, Amin Nasser, also warned that crude oil and refined fuel supplies were expected to remain stretched.

He said rebuilding global stockpiles after emergency withdrawals could take two years.

The United States Strategic Petroleum Reserve fell to 283 million barrels last week, its lowest level since October 1982, according to data from the US Department of Energy.

The supply outlook was further complicated by the continuing conflict involving Saudi Arabia and Iran-backed Houthi forces in Yemen.

Yemeni government forces attacked Houthi positions in the Dhubab district overlooking the Bab el-Mandeb Strait on Monday, according to two military sources.

The development came a day after the internationally recognised government launched a campaign to retake Houthi-held territory.

Meanwhile, OPEC+ postponed a review that would determine its 2027 oil output quotas after the war involving Iran disrupted projects aimed at expanding production capacity across the Middle East.

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