NUPRC HAILS EXXONMOBIL'S $1BN DEEPWATER INVESTMENT, AWARDS 19 OIL LICENCES

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commended ExxonMobil for its $1 billion investment commitment in deepwater oil exploration and production, describing it as a major boost to Nigeria’s upstream sector.

The Commission also announced the award of 19 new oil exploration licences to various companies during a ceremony in Abuja on Friday. The licences cover both onshore and offshore blocks with significant hydrocarbon potential.

NUPRC Chief Executive, Engr. Gbenga Komolafe, praised ExxonMobil’s renewed confidence in Nigeria’s oil and gas industry. “This $1 billion investment in deepwater assets demonstrates ExxonMobil’s long-term commitment to Nigeria. It will create jobs, boost production, and contribute to government revenue,” Komolafe stated.

The new licences were awarded following a competitive bidding process that attracted both local and international companies. The Commission said the awards are part of its strategy to increase Nigeria’s oil reserves and production capacity in line with the government’s energy security objectives.

Several indigenous companies were among the successful bidders, reflecting the Commission’s commitment to local content development and Nigerian participation in the upstream sector. The licences come with clear obligations for exploration activities, community development, and environmental protection.

ExxonMobil’s Country Chairman, Mr. Richard Laing, expressed appreciation for the conducive operating environment and pledged to deliver value through responsible and sustainable operations. “We are excited about the opportunities in Nigeria’s deepwater terrain. This investment will help unlock the country’s hydrocarbon potential,” Laing said.

Industry analysts believe the combination of major international investment and the award of new licences will strengthen Nigeria’s position in the global oil market and support the government’s revenue diversification efforts.

The NUPRC has assured that all awarded licences will be closely monitored to ensure compliance with the Petroleum Industry Act and other regulatory requirements. The Commission also encouraged successful bidders to commence exploration activities promptly to maximise the benefits of the awards.