ExxonMobil has reinforced its long-term investment in Nigeria’s oil and gas sector with a $1.5 billion plan to boost deepwater exploration and production.
The funding, set for deployment between Q2 2025 and 2027, will focus on revitalising output at the Usan oil field, with a Final Investment Decision (FID) expected by late Q3 2025, pending approvals.
The investment will also accelerate development in other key fields, including Owowo and Erha, further expanding ExxonMobil’s operations in Nigeria.
This announcement was made during a meeting between ExxonMobil Nigeria MD Shane Harris and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe.
Harris stated that the move demonstrates ExxonMobil’s confidence in Nigeria’s upstream potential and its commitment to supporting sector growth.
The decision also dispels rumours of ExxonMobil’s potential exit from Nigeria, instead signalling a strategic expansion.
Harris expressed support for the NUPRC’s “Project 1 Million Barrels”, which aims to raise Nigeria’s crude production to 2.4 million barrels per day in the medium term.
Komolafe welcomed the investment, reiterating the NUPRC’s role as a business enabler and pledging regulatory support.
He emphasised the need for continued collaboration between regulators and investors to achieve Nigeria’s production and energy security targets.
The discussions also covered compliance with Domestic Crude Supply Obligations and the importance of transparent pricing in the sector.
Komolafe stressed adherence to the Petroleum Industry Act (PIA), particularly Section 109, which ensures a “willing buyer, willing seller” framework for crude sales.
ExxonMobil’s investment marks a significant step in strengthening Nigeria’s oil sector and boosting long-term production capacity.
