The project marks Fox's first TV gig since his run as Jack on ''Lost'' ended more than 11 years ago.
According to The Hollywood Reporter, the actor will lead the cast of the new series, set up at streaming service Peacock, along with ''Downton Abbey'' star Joanne Froggatt.
The limited series is based on a novel of the same name by author Alex Scarrow.
The story follows petrochemical engineer Andy Nielson (Fox), his wife, Elena (Froggatt) and their two children. ''While on a business trip to the Middle East and separated from his family, Andy realises the world’s oil supply has been compromised, which threatens to throw society into chaos. ''As the situation deteriorates, each family member will sacrifice everything to find one another, despite the distance and the dangers that separate them,'' the official logline reads.
Patrick Massett and John Zinman will serve as showrunners and executive producers.
Dennie Gordon, known for directing episodes of ''Jack Ryan'' and ''Goliath'', will helm the show.
Fox will also serve as the executive producer alongside his longtime manager William Choi.