ExxonMobil's $1.5 Billion Boost for Nigeria's Deepwater Oilfield

Energy giant ExxonMobil is planning a substantial $1.5 billion investment to expand its deepwater operations in Nigeria, according to an announcement from the country's oil regulator on Wednesday.

This capital influx, set to roll out between the second quarter of 2025 and 2027, will focus on boosting production at Nigeria's Usan deepwater oilfield. Located within the strategic offshore block OML 138 in the eastern Niger Delta, the Usan oilfield lies about 70 kilometers (43.5 miles) from shore. The field, originally discovered in 2002 and developed by 2008, commenced production in 2012, featuring about 34 subsea production and injection wells feeding into eight subsea manifolds.

A final investment decision (FID) for the project is targeted for late Q3 2025, contingent on the approval of the Field Development Plan and securing funding from internal sources and partners. During a recent meeting with Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), ExxonMobil's Managing Director in Nigeria, Shane Harris, confirmed that the $1.5 billion commitment is part of broader investment plans that include developing additional deepwater assets such as the Owowo and Erha fields. Komolafe noted that this aligns with the NUPRC's plan to ramp up Nigeria's oil production to 2.4 million barrels per day, in pursuit of the 'Project 1 Million Barrels' objective.

(With inputs from agencies.)