ExxonMobil to Invest $1.5B in Nigeria’s Deepwater Oil Fields

Oil major ExxonMobil will invest $1.5 billion in Nigeria’s deepwater oil fields between Q2 2025 and 2027. The investment will focus on revitalizing production at the Usan oil field, with a proposed Final Investment Decision expected in Q3 2025, pending final approval of the Field Development Plan and partner funding.

The announcement was made during a courtesy visit by Shane Harris, Managing Director for Nigeria at ExxonMobil, to Engr. Gbenga Komolafe, Commission Chief Executive at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

In addition to the $1.5 billion investment, ExxonMobil will also allocate funds for the accelerated development of the Owowo and Erha fields, among others.

The planned capital deployment reflects ExxonMobil’s long-term interest in Nigeria’s upstream sector and its intention to expand operations. ExxonMobil also expressed support for NUPRC’s Project 1 Million Barrels initiative, which aims to raise national oil production to 2.4 million barrels per day.