ExxonMobil unveils $1.5 bn investment to revive Usan deepwater field
… FID to be implemented between Q2, 2025 – 2027 – Harris
ExxonMobil has announced a $1.5 billion investment scheduled between Q2 2025 and 2027 to revitalize production at the Usan deepwater oil field, reinforcing its long-term commitment to Nigeria’s oil and gas sector.
Mr. Shane Harris, ExxonMobil’s Managing Director in Nigeria, made this known during a courtesy visit to Engr. Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He explained that the deepwater exploration and development investment, expected to commence in late Q3 2025, is subject to final Field Development Plan approval as well as internal and partner funding consents.
Mr. Harris noted that this investment complements other planned projects, including the accelerated development of the Owowo and Erha deepwater oil fields, among others.
He emphasized that the proposed capital deployment demonstrates ExxonMobil’s strong confidence in Nigeria’s upstream potential and reaffirms the company’s long-term commitment to playing a significant role in the country’s oil and gas sector.
In response to speculation around ExxonMobil’s future in Nigeria, Mr. Harris clarified that the move signals a strategic expansion and consolidation of the company’s operational footprint, rather than a withdrawal.
He further expressed ExxonMobil’s support for NUPRC’s “Project 1 million barrels” initiative, aimed at increasing Nigeria’s crude oil output to 2.4 million barrels per day in the medium term.
Welcoming the announcement, Engr. Komolafe reaffirmed NUPRC’s position as a business enabler and pledged regulatory backing to facilitate ExxonMobil’s operations.
He stressed the importance of sustained collaboration between regulators and operators to achieve Nigeria’s production and energy security targets.
The meeting also covered critical issues such as compliance with the Domestic Crude Supply Obligation and the need for transparency and accountability in pricing.
Engr. Komolafe reiterated the Commission’s commitment to implementing Section 109 of the Petroleum Industry Act (PIA), which provides for a willing buyer, willing seller framework, and urged producers to adhere to its provisions.
