ExxonMobil has affirmed its long-term commitment to Nigeria’s oil and gas sector with a planned investment of $1.5 billion in deepwater exploration and development of the Usan oilfield.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed this in a statement on its X handle on Tuesday.
According to the Commission, the financial commitment will be implemented between Q2, 2025 and 2027.
This announcement, it said, was made during a visit by ExxonMobil’s Managing Director in Nigeria, Shane Harris, to the Commission’s Chief Executive of the NUPRC, Gbenga Komolafe.
The company proposed a Final Investment Decision (FID) for late Q3, 2025, subject to final Field Development Plan (FDP) approval as well as internal and partner funding approvals, the upstream regulator added.
According to the NUPRC, this is in addition to investment targeted at the accelerated development of the Owowo, Erha deepwater oil fields, amongst others.
The ExxonMobil chief, Harris, while speaking, stated that the planned capital deployment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the sector’s growth.
Harris also voiced ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.
On his part, the NUPRC Chief Executive, Gbenga Komolafe, welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.
Komolafe highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals, highlighting compliance with the Domestic Crude Supply Obligation (DCSO) and the need for transparent pricing and accountability in the sector.
“The commission is committed to the implementation of Section 109 of the PIA, which addresses the subject of willing buyer, willing seller, and we urge producers to comply,” Komolafe stated.
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