U.S. oil giant ExxonMobil plans to invest up to $1.5 billion in deepwater oil and gas exploration off Nigeria’s coast, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed.
ExxonMobil sold its onshore assets last year to Nigerian firm Seplat Energy but remains committed to offshore projects.
After a two-year delay, Nigerian regulators approved Seplat’s acquisition of Exxon’s onshore unit, Mobil Producing Nigeria Unlimited, at the end of 2024. Now, Exxon is focusing on developing its offshore operations.
The planned investment will take place from 2025 to 2027, aimed at revitalizing production in the Usan deepwater oilfield, NUPRC said. Exxon targets a final investment decision by late third quarter 2025, pending approval of its Field Development Plan and funding from partners.
Shane Harris, ExxonMobil’s Managing Director in Nigeria, said the investment shows confidence in Nigeria’s oil potential and Exxon’s commitment to growing production in the country.
During a recent meeting with NUPRC CEO Gbenga Komolafe, Harris expressed support for the regulator’s “Project 1 Million Barrels” initiative. This plan aims to raise Nigeria’s crude oil output to 2.4 million barrels per day in the medium term.
Nigeria’s government has recently increased efforts to combat oil theft and pipeline vandalism, which have long hurt production and caused export disruptions.
The government aims to boost oil production by 1 million barrels per day by December 2026, from the current level of 1.75 million barrels per day.
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