The US company ExxonMobil has revealed plans to invest US$10bn in Nigeria’s deep-water oil operations. Most of the investment cost is planned to be directed towards the Owo project, a deep-water project venture. Additionally, ExxonMobil plans to invest about US$2.5bn/year on maintenance works and in enhancement works to increase oil production by 50,000 bbl/d in the coming years. The Nigerian Government also announced the revision of the country’s fiscal framework for deep-water operations to secure favourable arrangements to attract investments to the sector.
In January 2024, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) set a target to increase the country’s oil and condensates production from an estimated 1.6 mb/d in 2023 to 1.8 mb/d in 2024 and to 2.6 mb/d by 2026.