US oil giant nears a $10 billion investment decision with Africa’s largest oil producer.

Furthermore, as mentioned earlier, he disclosed that ExxonMobil has already allocated 30% of the projected $1 billion capital required for the initial phases of the Usan infill drilling program.

“And we are closing in on the point where all the important execution enablers will be clear and in place, and provide us the basis to declare that investment as ready to go. So, we’re excited that it’s close to the point you made. It will provide new production from deepwater in the near term,” he said.

“Within months of the campaign starting, we’ll be able to produce from this investment.

The investment runs through almost all next year as a total campaign. It’s worth about one billion dollars in total, and we have already committed around 30 per cent of that in the early works, the early long-lead equipment, and in the foundational contracts.

That’s about the time a typical large investment would reach FID readiness. So, we’ll cross that gate or that milestone very soon,” he added.

Per the managing director, the total investment required to construct Owowo, a significant deep-water project awaiting FID, was between $7 billion and $8 billion.