In a strategic move that reinforces its long-term commitment to Nigeria’s energy sector, ExxonMobil has pledged a $1.5 billion investment into the country’s oil and gas industry, focusing on deepwater exploration and development. The announcement was made during a courtesy visit by Shane Harris, Managing Director of ExxonMobil Nigeria, to Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to a statement issued by the NUPRC, the investment is targeted at rejuvenating production in the Usan deepwater oil field, with financial execution slated between Q2 2025 and 2027. The company is also eyeing a Final Investment Decision (FID) by late Q3 2025, contingent upon regulatory approval of its Field Development Plan and internal as well as partner funding clearance.
In addition to Usan, ExxonMobil’s commitment extends to accelerated development of other deepwater assets including the Owowo and Erha fields—projects expected to bolster Nigeria’s upstream output significantly.
The NUPRC noted that the investment initiative directly counters recent speculation regarding ExxonMobil’s potential exit from the Nigerian market. Instead, the company is clearly taking steps to deepen its footprint and enhance its strategic presence in Africa’s largest oil-producing nation.
Harris emphasized that this renewed investment illustrates ExxonMobil’s confidence in Nigeria’s upstream sector and aligns with its vision to contribute meaningfully to the country’s oil production growth. He also reaffirmed the company’s support for NUPRC’s “Project 1 Million Barrels” initiative, which seeks to ramp up national crude output to 2.4 million barrels per day in the medium term.
In his remarks, NUPRC CEO Komolafe welcomed the development, characterizing the commission as a proactive enabler of investment in Nigeria’s energy sector. He stressed the importance of collaboration between regulators and investors to achieve national goals around energy security and production.
Komolafe also reiterated the commission’s dedication to transparency, market-based pricing, and accountability. He underscored the need for producers to comply with the Domestic Crude Supply Obligation (DCSO) and Section 109 of the Petroleum Industry Act (PIA), which promotes the “willing buyer, willing seller” principle in the crude oil market.
This announcement follows ExxonMobil’s earlier declaration in September 2024 of a broader $10 billion investment plan for deepwater operations in Nigeria. It also comes on the heels of Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil, completed just three months ago.
ExxonMobil’s renewed investment signals a vital boost to Nigeria’s upstream sector, setting the stage for expanded output, stronger investor confidence, and improved collaboration between public and private stakeholders in the energy industry.
