ExxonMobil has confirmed plans to invest $1.5 billion in Nigeria’s deep -water oil fields for the next two years.
The planned investment, which will be executed between the second quarter of 2025 and 2027, will focus primarily on revitalising production at the Usan deep -water oil field.
The oil major also indicated that a final investment decision is expected in late 2025, pending the final approval of the field development plan, along with internal and partner funding approvals.
The announcement was made during a courtesy visit by ExxonMobil’s Managing Director in Nigeria, Mr. Shane Harris, to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe.
In a post on the NUPRC’s official X handle on Wednesday, ExxonMobil also revealed its intentions to accelerate development activities in other key deep -water assets, including the Owowo and Erha fields.
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It said these developments are part of a broader strategy to strengthen its operational footprint in Nigeria and support the country’s drive for increased production.
The post reads: “ExxonMobil has affirmed its long-term commitment to Nigeria’s oil and gas sector with a planned investment of $1.5 billion in deep -water exploration and development.
“This significant financial commitment, which will be implemented between Q2, 2025 – 2027, focuses on revitalising production in the Usan deep water 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 revealed its plan to invest $10 billion in Nigeria’s deep-water (offshore) oil operations.
