ExxonMobil has announced a $1.5 billion investment to revitalize its deepwater oil operations in Nigeria, focusing on the Usan oilfield located in offshore block OML 138 in the eastern Niger Delta.
This investment, scheduled between the second quarter of 2025 and 2027, aims to boost production capacity and aligns with Nigeria’s goal to increase crude oil production to 2.4 million barrels per day by 2026 under the “Project 1 Million Barrels” initiative.
The Usan field, which began production in 2012, comprises 34 subsea production and injection wells connected to eight subsea manifolds. ExxonMobil anticipates reaching a final investment decision (FID) on the Usan project in late Q, contingent upon regulatory approvals and securing necessary funding.
In addition to the Usan project, ExxonMobil’s Nigeria Managing Director, Shane Harris, indicated that the investment will complement other deepwater projects like Owowo and Erha, demonstrating the company’s broader commitment to Nigeria’s energy sector.
The Nigerian Upstream Petroleum Regulatory Commission … led by Gbenga Komolafe, supports the initiative, emphasising its alignment with Nigeria’s ambition to boost oil production and energy security.
This investment counters previous speculation about ExxonMobil’s potential exit from Nigeria, instead signalling a strategic expansion and bolstering of its presence in the country.
