Nigeria Says Exxon Weighs $10 Billion Offshore-Oil Investment

Exxon Mobil Corp. is considering investing as much as $10 billion in Nigeria’s offshore oil industry over the coming years, despite finalizing the sale of shallow-water assets to a local firm, the country’s government said.

The supermajor is working on developing the deepwater Owo project, Nigerian Vice President Kashim Shettima said after meeting Exxon Nigeria chairman Shane Harris on the sidelines of the United Nations General Assembly in New York. The company also proposed to spend $2.5 billion annually to boost oil output by 50,000 barrels per day over the next few years, Shettima said.

Exxon didn’t confirm the size ...