ExxonMobil plans to invest $1.5 billion in Nigeria's deepwater oil operations, focusing on revitalising the Usan oilfield. This move signals renewed confidence in Nigeria's oil sector and aligns with national goals to boost production.
- Investment spans Q2 2025 to 2027, targeting the Usan field in offshore block OML 138.
- Final Investment Decision expected by late Q3 2025, pending regulatory approvals.
- Additional plans include the development of Owowo and Erha deepwater assets.
- Supports Nigeria’s "Project 1 Million Barrels" initiative to increase output to 2.4 million barrels per day. Counters speculation about ExxonMobil's potential exit from Nigeria.
ExxonMobil's substantial investment underscores a strategic commitment to Nigeria's oil sector, amidst global energy shifts and local challenges. By focusing on existing assets like the Usan field, the company aims to enhance production efficiency and output. This move not only bolsters Nigeria's economy but also reinforces the country's position in the global oil market.
As Nigeria strives to amplify its oil production, ExxonMobil's investment could be a catalyst for broader industry growth. Will this commitment inspire further investments and reforms in the sector?
