ExxonMobil has announced plans to invest $1.5 billion in Nigeria's deepwater exploration and development over the next two years. This investment, set to take place between Q2 2025 and 2027, will focus on revitalizing production at the Usan deepwater oil field.

A Final Investment Decision is expected by late Q3 2025, subject to approval of the Field Development Plan and necessary funding from both internal and partner sources. The announcement was made during a courtesy visit by ExxonMobil's Managing Director in Nigeria, Mr. Shane Harris, to the Nigerian Upstream Petroleum Regulatory Commission's CEO, Engr. Gbenga Komolafe, on Tuesday.

In a post on the NUPRC’s official X handle on Wednesday, ExxonMobil revealed plans to accelerate development activities in other major deepwater assets, including the Owowo and Erha fields.

These efforts are part of a broader strategy to enhance its operational presence in Nigeria and support the country's goal of increasing production.

The post read in part, “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.”

In 2024, ExxonMobil unveiled its plan to invest $10 billion in Nigeria's deepwater offshore oil operations. Harris explained that this capital commitment highlights ExxonMobil’s confidence in Nigeria’s upstream potential and its commitment to contributing significantly to the sector's growth.

This decision refutes rumors about the company's possible exit from Nigeria, emphasizing instead a strategic expansion and reinforcement of its presence in the country.

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. As the newly appointed Chairman of the Oil Producers Trade Section, Mr. Harris stated his intention to promote greater collaboration between industry stakeholders and the NUPRC.

In response, the NUPRC CCE welcomed the announcement, reiterating the NUPRC’s commitment to enabling business and offering regulatory support to facilitate ExxonMobil’s operations. He emphasized the need for ongoing collaboration between regulators and investors to achieve Nigeria's production and energy security objectives.

The discussions during the visit also focused on adhering to the Domestic Crude Supply Obligation and ensuring transparency in pricing and accountability within the sector. 

“The Commission is committed to the implementation of Section 109 of the PIA, which addresses the subject of willing buyer, willing seller, and we urge producers to comply with the Domestic Crude Supply Obligation,” he stated.