Latest news with #GbengaKomolafe
TimesLIVE
07-05-2025
- Business
- TimesLIVE
ExxonMobil plans $1.5bn investment in Nigerian deepwater oilfield
Energy giant ExxonMobil is set to inject $1.5bn (R27.43bn) into the development of its deepwater operations in Nigeria, the country's oil regulator said on Wednesday. The planned capital deployment, spanning from the second quarter of 2025 to 2027, will primarily focus on revitalising production at the Usan deepwater oilfield, located on the key offshore block OML 138 in the eastern Niger Delta, approximately 70km offshore. The Usan field, discovered in 2002 and granted development approval in 2008, commenced production in 2012 and currently comprises around 34 subsea production and injection wells connected to eight subsea manifolds. ExxonMobil anticipates reaching a final investment decision (FID) on the Usan project in late Q3 2025. This decision is contingent upon the approval of the Field Development Plan and the securing of necessary internal and partner funding. During a meeting on Tuesday with Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), ExxonMobil's managing director in Nigeria, Shane Harris, said this $1.5bn commitment is in addition to other planned investments aimed at developing further deepwater assets, including the Owowo and Erha fields. Komolafe welcomed the significant investment, noting that it aligns with the NUPRC's ambition to boost Nigeria's crude oil production to 2.4-million barrels per day by next year under its "Project 1-Million Barrels" initiative.
Business Insider
07-05-2025
- Business
- Business Insider
ExxonMobil to inject $1.5 billion into Nigeria's deepwater oil revival
ExxonMobil has announced plans to invest $1.5 billion to revive deepwater oil operations in Nigeria, the country's oil regulator said. 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.
