ExxonMobil to Invest $1.5 Billion in Nigeria’s Deepwater Oil Fields
ExxonMobil has reaffirmed its commitment to Nigeria’s oil and gas industry by announcing a $1.5 billion investment in deepwater exploration and development. The investment will span from the second quarter of 2025 to 2027 and primarily target the revitalization of production at the Usan deepwater oil field.
The multinational oil company disclosed this during a courtesy visit by its Managing Director in Nigeria, Shane Harris, to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Engr. Gbenga Komolafe. A final investment decision (FID) is anticipated by the third quarter of 2025, subject to approval of the Field Development Plan and alignment with internal and partner funding requirements.
According to a post on the NUPRC’s official X (formerly Twitter) handle, ExxonMobil also plans to accelerate development work at other key assets such as the Owowo and Erha deepwater fields. These efforts are part of a wider strategy to increase production and deepen the company’s operational presence in Nigeria.
“This significant financial commitment focuses on revitalising production in the Usan field,” the post read. “It is also aligned with supporting the Nigerian government’s target to boost crude oil output.”
The announcement counters recent rumors about ExxonMobil’s potential exit from the Nigerian market. Instead, the company is positioning itself for strategic growth, following up on its previously stated intention to invest up to $10 billion in offshore operations within the country.
Shane Harris also expressed the company’s support for NUPRC’s “Project 1 Million Barrels,” an initiative designed to help Nigeria scale its oil production to 2.4 million barrels per day in the medium term. As the new Chairman of the Oil Producers Trade Section, Harris highlighted plans to enhance cooperation between producers and the regulatory body.
In response, Engr. Komolafe welcomed the investment and reiterated the commission’s dedication to creating an enabling environment for investors. He emphasized the need for consistent collaboration to ensure the country’s energy goals are met.
The visit also covered issues related to transparency in pricing, adherence to the Domestic Crude Supply Obligation (DCSO), and compliance with Section 109 of the Petroleum Industry Act, which supports a willing buyer, willing seller framework.
ExxonMobil commits to $1.5bn deepwater oil fields investment
