ExxonMobil is planning a $1.5 billion investment in deepwater exploration and development of the Usan oilfield in Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed this in a statement, noting that commitment will be implemented between this current quarter (Q2 2025) and 2027.
This announcement, it said, was made during a visit by ExxonMobil’s Managing Director in Nigeria, Mr Shane Harris, to the Commission’s Chief Executive of the NUPRC, Mr Gbenga Komolafe.
The company proposed a Final Investment Decision (FID) for late Q3 2025, subject to final Field Development Plan (FDP) approval as well as internal and partner funding approvals, the upstream regulator added.
According to the NUPRC, this is in addition to investment targeted at the accelerated development of the Owowo and Erha deepwater oil fields, amongst others.
Mr Harris, while speaking, stated that the planned capital deployment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the sector’s growth.
He also voiced ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.
The initiative has gotten commitments from other oil firms operating in the country since it was floated last year.
On his part, the NUPRC Chief Executive, Mr Komolafe, welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.
Mr Komolafe highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals, highlighting compliance with the Domestic Crude Supply Obligation (DCSO) and the need for transparent pricing and accountability in the sector.
“The commission is committed to the implementation of Section 109 of the PIA, which addresses the subject of willing buyer, willing seller, and we urge producers to comply,” he stated.