US EditionNigeria: NUPRC Pledges Support As Exxonmobil Commits to $1.5bn Deepwater Investment
- ExxonMobil plans to invest $1.5 billion from 2025 to 2027 to enhance oil output from its deepwater Usan field located offshore Nigeria.
- This investment follows ongoing efforts to increase Nigeria’s crude oil output amid regulatory support and counters prior speculation about ExxonMobil's exit from the country.
- Located on offshore block OML 138 about 70 km in the eastern Niger Delta, the Usan deepwater oilfield began production in 2012 and now operates 34 subsea wells linked to eight manifolds.
- ExxonMobil’s managing director, Shane Harris, said the commitment is "in addition to other planned investments" including the Owowo and Erha deepwater fields, showing confidence in Nigeria’s upstream potential.
- The Nigerian regulator NUPRC endorsed the move, pledging support to meet its target of 2.4 million barrels per day by 2026 within its Project 1-Million Barrels initiative.
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17 Articles
Exxon to Invest $1.5 Billion in Deepwater Oilfields in Nigeria
U.S. supermajor ExxonMobil plans to invest as much as $1.5 billion in deepwater oil and gas exploration and development offshore Nigeria, the local regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said. Exxon sold last year its onshore assets to local firm Seplat Energy, but is committed to offshore exploration and development in the country. At the end of 2024, Nigeria’s regulators finally approved – after two years…
Nigeria: NUPRC Pledges Support As Exxonmobil Commits to $1.5bn Deepwater Investment
Abuja -- ExxonMobil has affirmed its long-term commitment to Nigeria's oil and gas sector with a planned investment of 1.5 billion dollars in deepwater exploration and development, putting to rest the company's rumoured planned exit from the country.
Exxon invests $1.5 billion in offshore oil in Nigeria - Economic Scenarios
US multinational energy company ExxonMobil plans to invest up to $1.5 billion in deepwater oil and gas exploration and development off Nigeria, local regulator the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said . Exxon sold its onshore assets to local firm Seplat Energy last year, but is engaged in offshore exploration and development in the country. If the hinterland was a problem, the same is not true for the sea. In late 2…
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