ExxonMobil to invest $1.5 billion in Nigeria’s deepwater oil fields between Q2 2025-2027 

The planned investment, which will be executed between Q2 2025 and 2027, will focus primarily on revitalizing production at the Usan deepwater oil field.

The oil major has indicated that a Final Investment Decision (FID) is expected in late Q3 2025, pending the final approval of the Field Development Plan (FDP), along with internal and partner funding approvals.

In addition to the Usan field, ExxonMobil also revealed intentions to accelerate development activities in other key deepwater assets, including the Owowo and Erha fields. These developments are part of a broader strategy to strengthen its operational footprint in Nigeria and support the country’s drive for increased production.

The announcement was made during a courtesy visit by Mr. Shane Harris, ExxonMobil’s Managing Director in Nigeria, to the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, according to a statement on the NUPRC’s website on Tuesday.

Speaking during the visit, Mr. Harris stated that the planned capital expenditure underscores ExxonMobil’s belief in the long-term viability of Nigeria’s upstream sector and its strategic importance in the global energy landscape.

The move by ExxonMobil directly counters speculation regarding its potential divestment or withdrawal from Nigeria and instead marks a significant expansion of its activities in the country.

Mr. Harris also expressed ExxonMobil’s support for NUPRC’s “Project 1 Million Barrels” initiative, which aims to boost Nigeria’s crude oil production capacity to 2.4 million barrels per day in the medium term. He emphasized the importance of strategic collaboration between operators and regulators in achieving this ambitious target.

In his new capacity as Chairman of the Oil Producers Trade Section (OPTS), Mr. Harris pledged to use the platform to foster stronger collaboration between industry players and the NUPRC, with a focus on addressing regulatory challenges and unlocking further investment opportunities in the sector.

ExxonMobil’s renewed capital injection into Nigeria’s deepwater assets is expected to stimulate job creation, technology transfer, and increase national oil production, ultimately contributing to improved foreign exchange earnings and energy security.

In 2024, ExxonMobil revealed its plan to invest $10 billion in Nigeria’s deep-water (offshore) oil operations.

Also, TotalEnergies stated plans to offload its minority stake in a significant Nigerian onshore oil joint venture following Shell’s divestment announcement.