ExxonMobil is preparing to invest $1.5 billion to enhance its offshore oil production in Nigeria, according to the nation’s petroleum regulatory authority.
The investment, scheduled to take place between the second quarter of 2025 and 2027, will be directed toward the rejuvenation of the Usan oilfield. This field lies within Oil Mining Lease (OML) 138, situated roughly 70 kilometers off the coast of the eastern Niger Delta.
Originally discovered in 2002 and approved for development in 2008, the Usan deepwater field began operations in 2012. It features about 34 subsea wells used for both production and injection, which are linked through eight subsea manifolds.
ExxonMobil is aiming to finalize its investment decision on the Usan project by the end of the third quarter of 2025. This milestone will depend on receiving regulatory clearance for the Field Development Plan, along with internal and partner financing arrangements.
Shane Harris, ExxonMobil Nigeria’s Managing Director, discussed the commitment during a meeting with Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on Tuesday. Harris explained that the $1.5 billion pledge is part of a broader effort that includes further investments in other deepwater ventures, such as the Erha and Owowo fields.
NUPRC’s Komolafe welcomed the development, highlighting its alignment with the agency’s goal to raise Nigeria’s oil output to 2.4 million barrels per day by 2026 through its “Project 1 Million Barrels” initiative.
