ExxonMobil to inject $1.5 billion into Nigeria's deepwater oil revival
ExxonMobil plans to invest $1.5 billion to revive deepwater oil operations at Nigeria's Usan oilfield in OML 138, part of the Niger Delta.
The investment aims to boost crude oil production under Nigeria's 'Project 1 Million Barrels' initiative to reach 2.4 million barrels per day by 2027.
Other planned deepwater investments in Nigeria include the Owowo and Erha fields, demonstrating ExxonMobil's broader energy sector commitment.
ExxonMobil has announced plans to invest $1.5 billion to revive deepwater oil operations in Nigeria, the country's oil regulator said.
The investment will focus on boosting output at the Usan oilfield, part of offshore block OML 138 in the eastern Niger Delta, Reuters reported.
The capital injection, slated between Q2 2025 and 2027, comes as Nigeria seeks to ramp up its crude oil production to 2.4 million barrels per day under the Nigerian Upstream Petroleum Regulatory Commission's (NUPRC) 'Project 1 Million Barrels' initiative.
Discovered in 2002, the Usan field began production in 2012 and includes 34 subsea wells linked to eight manifolds. ExxonMobil expects to reach a final investment decision (FID) by Q3 2025, pending internal approvals and funding partnerships.
During a meeting with NUPRC chief Gbenga Komolafe, ExxonMobil Nigeria Managing Director Shane Harris said the Usan project is just one of several planned deepwater investments. Others include the Owowo and Erha fields, underscoring ExxonMobil's broader commitment to Nigeria's energy sector.
Komolafe welcomed the announcement, saying it signals renewed investor confidence and supports Nigeria's broader goal to revitalise oil output.
Exxon's footprint in Nigeria
According to its website, ExxonMobil upstream affiliates presently operate five deepwater blocks in Nigeria. The ExxonMobil upstream affiliates operating in Nigeria are Esso Exploration and Production Nigeria Limited, Esso Exploration and Production Nigeria (Offshore East) Limited, Esso Exploration and Production Nigeria (Deepwater West) Limited, Esso Exploration and Production Nigeria (Upstream) Limited and Esso Exploration and Production Nigeria (Deepwater Ventures) Limited.
This latest commitment builds on ExxonMobil's broader ambitions in Nigeria. Last September, Exxon Mobil Corp announced plans for a $10 billion investment in offshore oil operations as part of a renewed push in Nigeria.
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