ExxonMobil has unveiled plans to invest $1.5 billion in the development of Nigeria’s deepwater oil operations.
The investment, scheduled to run from the second quarter of 2025 through 2027, will focus on revitalising production at the Usan deepwater oil field.
This disclosure was made during a visit by Shane Harris, ExxonMobil’s managing director in Nigeria, to Gbenga Komolafe, the commission chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on Tuesday.
Harris explained that the investment is part of a suit of investments focused on accelerating the development of Nigeria’s deepwater assets.
Citing the NUPRC’s target to increase Nigeria’s crude oil production to 2.4 million barrels per day by 2026 under the “Project 1 Million Barrels” initiative, the commission welcomed the move, describing it as a step aligned with its production goals.
ExxonMobil noted that the investment is subject to final approval of the Field Development Plan and securing funding from both internal and external sources. A final investment decision on the Usan Project is expected by late Q3 2025.
Reaffirming the company’s confidence in Nigeria’s energy sector, Harris said the planned investment reflects ExxonMobil’s long-term commitment to the country’s upstream oil and gas industry.
Komolafe reiterated the commission’s role as a facilitator of investment and business excellence, assuring that the NUPRC would continue to provide regulatory support for ExxonMobil’s operations.
He also noted the importance of collaboration between regulators and investors in achieving Nigeria’s energy development objectives.
