Exxon to invest $1.5 billion in Nigerian oilfield
ExxonMobil, the world's largest oil company, will invest $1.5 billion in the development of deepwater operations for Nigerian oil companies. This was announced by the Nigerian oil regulator on Wednesday.
The capital investment plan, which spans from the second quarter 2025 until 2027, is mainly focused on revitalising the production at the Usan Deepwater Oilfield located in the eastern Niger Delta on the OML 138 offshore block, about 70 km (43.5 miles), offshore.
The Usan field was discovered in 2002, and development approval granted in 2008. Production began in 2012, and the field currently comprises 34 subsea injection and production wells connected to 8 subsea manifolds.
ExxonMobil expects to reach a final investment (FID) decision on the Usan Project in late Q3 of 2025. This decision depends on the approval of Field Development Plan, and the securement of internal and partner financing.
Shane Harris of ExxonMobil Nigeria's Managing director, said that during a meeting with Gbenga Korolafe, the head of Nigerian Upstream Petroleum Regulatory Commission, this $1.5 billion investment is on top other planned investments aimed to develop further deepwater assets including the Owowo & Erha fields.
Komolafe welcomed this significant investment and noted that it is in line with the NUPRC’s ambitious goal to increase Nigeria's crude production to 2.4million barrels per day next year as part of its "Project 1 Million Barrels". (Reporting and editing by Louise Heavens, Isaac Anyaogu)
(source: Reuters)
