ExxonMobil’s $10 Billion Bet on Nigeria's Owowo Offshore Project: A Game-Changer for Bayelsa’s Oil Industry?




Exxonmobil may have decided to invest $10 billion into the Owowo offshore project :
 “We're working closely with the President's office and the Special Adviser to the President to secure favourable fiscal arrangements that will make this significant investment possible”- Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria.

Owowo field is  found off the coast of Bayelsa state specifically around Koloama community within OML 139. 
ExxonMobil holds 27% interest. Other Joint venture partners include Chevron (27%), Total E&P Nigeria Limited (18 %), Nexen Petroleum Deepwater Nigeria Limited (18%), and the Nigeria Petroleum Development Company Limited (10%). 

Owowo field hold around 1 billion barrels of crude oil, will be developed via an FPSO with substantial subsea tie-back system ( very similar to Egina) and represent a $10 billion investment.

At peak production, Owowo is expected to produce 180,000 barrels per day. 

Project duration should be around 5-6 years after FID.

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