ExxonMobil to invest $1.5 billion in Nigeria

Nigeria

ABUJA, May 7, 2025 – ExxonMobil will invest USD 1.5 billion in the development of Nigeria’s deepwater oilfields, focusing on revitalising production in the Usan field between Q2 2025 and 2027, the company revealed on Wednesday.

The planned capital deployment is in addition to the development of the Owowo and Erha deepwater oilfields, among others. ExxonMobil aims to take an FID on the Usan project in late Q3 2025, pending approval of the final field development plan and internal and partner funding consents.

The announcement was made during a visit by ExxonMobil Nigeria managing director Shane Harris to the commission chief executive of NUPRC Gbenga Komolafe in Abuja.

The move counters speculation about ExxonMobil’s possible exit from Nigeria and signals a strengthened operational presence in the country. Harris also expressed ExxonMobil’s support for NUPRC’s 1MMBOPD initiative to raise national crude oil output to 2.4 million bpd.

On behalf of the regulator, Komolafe welcomed the announcement, emphasising the commission’s role in enabling investment. “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 with the Domestic Crude Supply Obligation,” he said.

Photo courtesy of NUPRC

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