The Managing Director of ExxonMobil in Nigeria, Mr. Shane Harris, says that the oil giant plans to invest $1.5 billion in Nigeria’s deepwater exploration and development for the next two years.
Speaking during a courtesy visit to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, on Tuesday, Harris said that the planned investment, which will be executed between Q2 2025 and 2027, would i focus primarily on revitalising production at the Usan deepwater oil field.
He disclosed that the Final Investment Decision is expected in late Q3 2025, pending the final approval of the Field Development Plan, along with internal and partner funding approvals.
According to the post on the NUPRC’s official X handle on on Wednesday, ExxonMobil also revealed plans to accelerate development activities in other key deepwater assets, including the Owowo and Erha fields.
It added that these developments are part of a broader strategy to strengthen its operational footprint in Nigeria and support the country’s drive for increased production.
It will be recalled that in 2024, ExxonMobil said that it planned to invest $10 billion in Nigeria’s deep-water (offshore) oil operations.
According to Harris, the planned capital deployment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the sector’s growth.
Harris also voiced ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.
In his role as the new Chairman of the Oil Producers Trade Section, Mr. Harris expressed his intent to foster stronger collaboration between industry stakeholders and the NUPRC.
Responding, Mr. Komolafe welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.
He highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals.
According to him, the need to comply with Domestic Crude Supply Obligation as well as transparency in pricing and accountability in the sector was discussed during the meeting.
“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,” Komolafe added.
GIK/APA