Latest news with #ShaneHarris
Yahoo
08-05-2025
- Business
- Yahoo
ExxonMobil to invest $1.5bn in Nigeria's deep-water oilfields
ExxonMobil has committed to a $1.5bn investment in Nigeria's deep-water oilfields, demonstrating a strong commitment to the country's oil and gas sector. The investment, spanning from the second quarter of 2025 (Q2 2025) to 2027, will focus on revitalising the Usan deep-water oilfield. The company has proposed a final investment decision (FID) by Q3 2025, contingent upon approval of the field development plan (FDP) and securing internal and partner funding. This investment also includes the accelerated development of the Owowo and Erha deep-water oilfields, among others. ExxonMobil's managing director in Nigeria, Shane Harris, revealed the investment plans during a visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He emphasised ExxonMobil's confidence in Nigeria's upstream potential and its commitment to the sector's growth. Harris also expressed support for the NUPRC's Project 1 million Barrels initiative, aimed at boosting Nigeria's crude oil production to 2.4 million barrels per day. NUPRC's Commission chief executive, Engr. Gbenga Komolafe, welcomed ExxonMobil's investment, assuring regulatory support and emphasising the need for collaboration to achieve Nigeria's production and energy security objectives. He also called for compliance with the Domestic Crude Supply Obligation and transparent pricing within the sector. In a related development, ExxonMobil Australia and Woodside Energy have announced a $221m (A$343.93m) investment in the Turrum phase three gas project. This joint venture (JV) in the Gippsland Basin aims to drill five new wells, addressing potential gas shortages on Australia's east coast. Esso Australia Resources and Woodside Energy (Bass Strait) share the JV equally, with Esso Australia leading operations. "ExxonMobil to invest $1.5bn in Nigeria's deep-water oilfields" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
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.
Bloomberg
07-05-2025
- Business
- Bloomberg
Nigeria Says Exxon Commits $1.5 Billion to Deepwater Development
Exxon Mobil Corp. plans to invest $1.5 billion in a deepwater oil field in Nigeria as Africa's top producer looks to boost output, according to the nation's regulator. The investment, expected within the next two years, will focus on reviving production in the Usan field and is in addition to funding earmarked for planned developments in Owowo and Erha, the Nigerian Upstream Petroleum Regulatory Commission said in a statement Tuesday, citing a visit by Shane Harris, Exxon's managing director in Nigeria.
Reuters
07-05-2025
- Business
- Reuters
Exxon plans $1.5 billion investment in Nigerian oilfield
LAGOS, May 7 (Reuters) - Energy giant ExxonMobil (XOM.N), opens new tab is set to inject $1.5 billion 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 70 kilometres (43.5 miles) 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, stated that this $1.5 billion 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.
