ExxonMobil is set to invest $1.5 billion in its deepwater operations in Nigeria between the second quarter of 2025 and 2027. The investment will primarily focus on revitalizing production at the Usan deepwater oilfield, located offshore in the eastern Niger Delta on block OML 138.
The Usan field, discovered in 2002 and approved for development in 2008, began production in 2012.
It currently includes about 34 subsea production and injection wells connected to eight subsea manifolds. ExxonMobil anticipates making a final investment decision (FID) on the Usan project in late Q3 2025, pending the final Field Development Plan approval and the securing of internal and partner funding.
Shane Harris, Managing Director of ExxonMobil in Nigeria, announced the $1.5 billion commitment during a meeting on Tuesday with Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Harris stated that this investment is in addition to other planned investments aimed at further developing deepwater assets in Nigeria, including the Owowo and Erha fields.
Komolafe welcomed this significant investment, noting its alignment with the NUPRC’s “Project One Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day by next year. He also pledged the commission’s regulatory support to facilitate ExxonMobil’s operations.
ExxonMobil’s renewed capital injection counters speculation about a potential withdrawal from Nigeria, instead highlighting a strategic expansion of its deepwater activities in the country.
Harris emphasized that the planned investment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its commitment to playing a significant role in the sector’s growth.
This investment is expected to stimulate job creation, facilitate technology transfer, increase national oil production, and ultimately contribute to improved foreign exchange earnings and energy security for Nigeria.
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