ExxonMobil will invest $1.5 billion in Nigeria’s deepwater oil exploration and development starting in Q2 2025.
The investment, spanning 2025 to 2027, will focus on reviving output at the Usan deepwater oil field.
ExxonMobil’s Nigeria MD, Shane Harris, announced the plan during a courtesy call to NUPRC’s chief executive, Gbenga Komolafe.
The company expects to reach a final investment decision by late Q3 2025, pending necessary approvals.
ExxonMobil also aims to fast-track development in other deepwater fields, including Owowo and Erha.
Harris emphasized that the investment shows the company’s strong belief in Nigeria’s upstream prospects and its commitment to the sector’s growth.
The move dismisses exit rumors and instead highlights ExxonMobil’s plan to expand and strengthen its presence in Nigeria.
Harris reaffirmed the company’s backing for NUPRC’s “Project 1 Million Barrels” to boost national crude production to 2.4 million barrels per day.
Komolafe welcomed the investment and promised continued regulatory support to ease ExxonMobil’s operations.
He stressed the need for strong collaboration between regulators and investors to reach Nigeria’s energy and production targets.
Both parties also discussed the importance of meeting domestic crude supply obligations and promoting transparency in pricing.
The commission reiterated its commitment to enforcing Section 109 of the PIA and encouraged producers to follow the willing buyer, willing seller principle.
source : businessday.ng
African Energy Council