ExxonMobil has confirmed plans to invest $1.5 billion in Nigeria’s deepwater exploration and development for the next two years, starting from the second quarter of 2025, the company announced late Tuesday.
This financial commitment, which will be implemented between Q2, 2025 – 2027 focuses on revitalising production in the Usan deepwater oil field.
Shane Harris, ExxonMobil’s Managing Director in Nigeria, made this known during a courtesy visit to Gbenga Komolafe, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The company proposed Final Investment Decision (FID) in late Q3 2025 subject to final Field Development Plan approval as well as internal and Partner funding approvals.
This is also in addition to investment targeted at the accelerated development of the Owowo, Erha deepwater oil fields, amongst others, the company said.
According to Harris 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.
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“This move counters speculation about ExxonMobil’s potential withdrawal from Nigeria, instead underscoring a strategic expansion and strengthening of its operational footprint in the country.
Harris 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.
On his part, Komolafe welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations. He highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals.
Discussions during the visit also addressed compliance with the Domestic Crude Supply Obligation 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,” the upstream regulator stated.
Reported by businessday.ng
