ExxonMobil has said it will soon commence its planned investment of $1.5 billion in deepwater exploration and development of the Usan oilfield.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) who revealed this on its X handle on Tuesday, the financial commitment will be implemented between Q2, 2025 and 2027.
The announcement was made during a visit by ExxonMobil’s Managing Director in Nigeria, Shane Harris, to the Commission’s Chief Executive of the NUPRC, Gbenga Komolafe.
ExxonMobil 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.
According to the NUPRC, this is in addition to investment targeted at the accelerated development of the Owowo, Erha deepwater oil fields, amongst others.
The ExxonMobil chief, 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.
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.
The NUPRC Chief Executive, Gbenga Komolafe, welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.