ExxonMobil has reaffirmed its long-term commitment to Nigeria’s oil and gas industry with plans to invest $1.5 billion, approximately 2.41 trillion Naira in deepwater exploration and development projects between the second quarter of 2025 and 2027.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed the development on its official social media channels yesterday night.
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The planned investment will focus primarily on revitalising production at the Usan deepwater oil field, with a Final Investment Decision (FID) expected in late Q3 2025, pending the approval of the Field Development Plan (FDP) and internal and partner funding clearances.
In addition to the Usan project, the investment will also accelerate the development of other deepwater assets, including the Owowo and Erha oil fields.
The announcement was made during a courtesy visit by ExxonMobil Nigeria’s Managing Director, Shane Harris, to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe.
Speaking during the visit, Harris said the proposed capital deployment reflects the energy giant’s confidence in Nigeria’s upstream sector and its commitment to contributing meaningfully to the industry’s growth.
“This investment signals our strategic focus on expanding operations in Nigeria, contrary to recent speculation about a potential exit,” Harris said
He also expressed ExxonMobil’s support for the NUPRC’s ‘Project 1 Million Barrels’ initiative, which aims to raise Nigeria’s crude oil output to 2.4 million barrels per day in the medium term.
Komolafe welcomed the development, pledging the Commission’s support for ExxonMobil’s operations.
He emphasised the NUPRC’s commitment to creating a business-friendly regulatory environment and underlined the importance of consistent collaboration between regulators and investors to achieve Nigeria’s energy security and production targets.
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The visit also featured discussions around compliance with the Domestic Crude Supply Obligation (DCSO), as well as the need for transparent pricing mechanisms and sector accountability.
“The Commission is fully committed to enforcing Section 109 of the Petroleum Industry Act (PIA), which supports a ‘willing buyer, willing seller’ framework, and we urge all producers to comply,” Komolafe stated.
