ExxonMobil has committed to a $1.5bn investment in Nigeria’s deep-water oilfields, demonstrating a strong commitment to the country’s oil and gas sector.
The investment, spanning from the second quarter of 2025 (Q2 2025) to 2027, will focus on revitalising the Usan deep-water oilfield.
The company has proposed a final investment decision (FID) by Q3 2025, contingent upon approval of the field development plan (FDP) and securing internal and partner funding.
This investment also includes the accelerated development of the Owowo and Erha deep-water oilfields, among others.
ExxonMobil’s managing director in Nigeria, Shane Harris, revealed the investment plans during a visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He emphasised ExxonMobil’s confidence in Nigeria’s upstream potential and its commitment to the sector’s growth.
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By GlobalDataHarris also expressed support for the NUPRC’s Project 1 million Barrels initiative, aimed at boosting Nigeria’s crude oil production to 2.4 million barrels per day.
NUPRC’s Commission chief executive, Engr. Gbenga Komolafe, welcomed ExxonMobil’s investment, assuring regulatory support and emphasising the need for collaboration to achieve Nigeria’s production and energy security objectives.
He also called for compliance with the Domestic Crude Supply Obligation and transparent pricing within the sector.
In a related development, ExxonMobil Australia and Woodside Energy have announced a $221m (A$343.93m) investment in the Turrum phase three gas project.
This joint venture (JV) in the Gippsland Basin aims to drill five new wells, addressing potential gas shortages on Australia’s east coast.
Esso Australia Resources and Woodside Energy (Bass Strait) share the JV equally, with Esso Australia leading operations.
