Wedoany.com Report-May 7, ExxonMobil, a global energy company, plans to invest $1.5 billion in its deepwater operations in Nigeria, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as announced on Wednesday. The investment, scheduled from the second quarter of 2025 to 2027, will focus on enhancing production at the Usan deepwater oilfield, located on offshore block OML 138 in the eastern Niger Delta, approximately 70 kilometers offshore.

The Usan field, discovered in 2002 and approved for development in 2008, began production in 2012. It currently operates with 34 subsea production and injection wells linked to eight subsea manifolds. ExxonMobil aims to finalize its investment decision for the Usan project by the third quarter of 2025, pending approval of the Field Development Plan and securing necessary funding from internal and partner sources.

On Tuesday, Shane Harris, ExxonMobil’s Managing Director in Nigeria, met with Gbenga Komolafe, head of the NUPRC, to discuss the investment. Harris noted: “This $1.5 billion commitment is in addition to other planned investments aimed at developing further deepwater assets, including the Owowo and Erha fields.” These efforts reflect ExxonMobil’s strategy to expand its operations in Nigeria’s offshore energy sector.

Komolafe expressed support for the investment, stating: “It aligns with the NUPRC’s ambition to boost Nigeria’s crude oil production to 2.4 million barrels per day by next year under its ‘Project 1 Million Barrels’ initiative.” The project is expected to strengthen Nigeria’s energy infrastructure and contribute to national production goals.

The investment will enhance the Usan field’s output, supporting Nigeria’s economy through increased oil production and job opportunities. ExxonMobil’s focus on deepwater assets, including the Owowo and Erha fields, underscores its commitment to advancing Nigeria’s offshore energy capabilities.

This initiative builds on ExxonMobil’s long-standing presence in Nigeria, leveraging advanced technology and expertise to optimize deepwater operations. The collaboration with the NUPRC highlights a shared goal of sustainable energy development, ensuring reliable production while meeting regulatory standards.