ExxonMobil has outlined a $1.5 billion investment plan targeting Nigeria’s deepwater oil sector over a two-year period starting Q2 2025. The investment will concentrate on restoring production at the Usan deepwater field, with a Final Investment Decision projected for late Q3 2025, pending approvals for the Field Development Plan and internal funding arrangements.
This announcement came during a courtesy visit by ExxonMobil Nigeria Managing Director Shane Harris to the Nigerian Upstream Petroleum Regulatory Commission’s chief executive, Engr. Gbenga Komolafe, on Tuesday. In a post shared on the Commission’s official X handle, ExxonMobil disclosed additional plans to fast-track development of other assets like the Owowo and Erha fields as part of its strategy to expand operations and support Nigeria’s production targets.
The statement noted, “ExxonMobil has affirmed its long-term commitment to Nigeria’s oil and gas sector with a planned investment of 1.5 billion dollars in deepwater exploration and development. This significant financial commitment, which will be implemented between Q2, 2025 – 2027, focuses on revitalising production in the Usan deepwater oil field. The company proposed FID in late Q3 2025, subject to final Field Development Plan approval as well as internal and partner funding approvals.”
The company had previously announced plans to inject $10 billion into Nigeria’s offshore projects, and Harris reiterated ExxonMobil’s confidence in the sector’s long-term viability.
This initiative contradicts ongoing speculation about the firm’s exit from Nigeria, instead reflecting a reinforced operational presence and investment outlook.Harris also pledged ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” goal, which aims to increase Nigeria’s crude output to 2.4 million barrels per day.As newly appointed Chairman of the Oil Producers Trade Section, Harris emphasized the importance of stronger industry-regulator partnerships to drive growth.
Komolafe, welcoming the development, promised regulatory backing to ensure smooth operations, underscoring the importance of investor-regulator synergy for achieving energy and production goals. The meeting also addressed the Domestic Crude Supply Obligation and pricing transparency, with Komolafe highlighting Section 109 of the Petroleum Industry Act and urging producers to comply.
Source : https://punchng.com/
