A major investment could significantly transform Nigeria’s oil sector. The U.S. group ExxonMobil is currently considering investing up to USD 24 billion to develop two major deepwater offshore projects, according to Nigeria’s oil industry regulatory commission. The first project concerns the Bosi field, estimated at between USD 15 and USD 16 billion, which would notably require the installation of a floating production, storage, and offloading unit (FPSO). The second, the Owowo project, is valued at between USD 7 and USD 8 billion and is based on potential reserves of nearly one billion barrels. The final investment decision is expected in early 2027.
