ExxonMobil to Invest $1.5 Billion in Nigerian Deepwater Oilfield
Energy giant ExxonMobil plans a $1.5 billion investment in Nigeria’s Usan oilfield to boost offshore production from 2025 to 2027, the country’s oil regulator confirmed.
Capital Boost for Usan Offshore Development
ExxonMobil is set to pump $1.5 billion into reviving operations at its Usan deepwater oilfield in Nigeria’s Niger Delta, located approximately 70 kilometres offshore on Oil Mining Lease (OML) 138. The investment, announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), will span from Q2 2025 through 2027.
The oilfield, which began production in 2012, currently operates with around 34 subsea wells connected to eight manifolds. ExxonMobil aims to reach a final investment decision (FID) by late Q3 2025, pending Field Development Plan approval and internal and partner funding.
Expansion Includes Owowo, Erha Fields
Shane Harris, ExxonMobil’s Managing Director in Nigeria, confirmed during a meeting with NUPRC boss Gbenga Komolafe on Tuesday that the investment is part of a broader strategy to accelerate deepwater exploration and development.
“This commitment marks a renewed push to unlock Nigeria’s deepwater potential. Usan is just the beginning,” Harris said. He also cited ongoing plans for the Owowo and Erha fields as part of the company’s long-term footprint in the region.
Nigeria Targets 2.4 Million Barrels Per Day
NUPRC’s Komolafe described the announcement as a significant step towards meeting Nigeria’s ambitious crude oil production target of 2.4 million barrels per day by 2026, under the commission’s “Project 1 Million Barrels” initiative.
“We welcome ExxonMobil’s renewed confidence in the Nigerian energy sector,” Komolafe said. “Strategic partnerships like this will drive growth and stability in our upstream output.”
FID Decision to Drive Development
The Usan revitalisation project hinges on regulatory approvals and funding structures. If greenlit, it will be one of the largest deepwater reinvestments in recent years, potentially stimulating local content development and employment in Nigeria’s oil-rich Delta region.
The development underscores Nigeria’s efforts to attract fresh capital into its oil sector amidst global energy transition challenges and investor hesitancy.
