ExxonMobil has reaffirmed its long-term commitment to Nigeria’s oil and gas industry with a planned investment of $1.5 billion aimed at deepwater exploration and development, particularly in the Usan oilfield.
The announcement was made public by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) via its official X (formerly Twitter) handle on Tuesday. According to the Commission, the investment will be executed between Q2 2025 and 2027, pending necessary approvals.
The disclosure followed a courtesy visit by ExxonMobil Nigeria’s Managing Director, Shane Harris, to the Chief Executive of NUPRC, Gbenga Komolafe, during which the company expressed intent to reach a Final Investment Decision (FID) by late Q3 2025. This decision is subject to final approval of the Field Development Plan (FDP) and requisite internal and partner funding consents.
Beyond Usan, ExxonMobil’s upcoming capital deployment also targets the accelerated development of other deepwater assets, including Owowo and Erha fields.
Speaking during the visit, Harris said the planned investment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its commitment to the long-term growth of the sector. He also reaffirmed the company’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to ramp up national crude output to 2.4 million barrels per day in the medium term.
In response, Komolafe welcomed the announcement, pledging regulatory support and describing the Commission as a “business enabler.” He stressed the need for continued collaboration between operators and regulators to meet Nigeria’s energy and production targets.
“The Commission is committed to implementing Section 109 of the Petroleum Industry Act (PIA), which enables a ‘willing buyer, willing seller’ framework. We urge full compliance with the Domestic Crude Supply Obligation (DCSO) and demand transparency in pricing and operations,” Komolafe stated.
