ExxonMobil has announced plans to invest $1.5 billion in Nigeria’s oil and gas sector for deep-water exploration and development.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in a statement.
According to the statement, Shane Harris, ExxonMobil’s managing director, announced the investment commitment during a courtesy visit to Gbenga Komolafe, the Chief Executive Officer (CEO) of NUPRC, on Tuesday.
“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,” the statement reads.
The NUPRC stated that the financial investment, scheduled for implementation between the second quarter of 2025 and 2027, is intended to revitalise production at the Usan deepwater oil field.
“The company proposed FID in late Q3 2025, subject to final Field Development Plan approval as well as internal and Partner funding approvals,” NUPRC said.
“This is in addition to investment targeted at the accelerated development of the Owowo, Erha deepwater oil fields, amongst others.”
The statement further clarified that the initiative counters speculation about ExxonMobil’s possible withdrawal from Nigeria, highlighting instead a strategic move to strengthen and expand its presence in the country.
During the visit, Harris emphasised that the planned investment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to supporting the sector’s growth.
Harris further expressed ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to raise Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.
In response, Komolafe welcomed the development, reiterating the NUPRC’s commitment to fostering a conducive business environment and pledging regulatory support for ExxonMobil’s operations.
He stressed the vital importance of ongoing collaboration between regulators and investors to meet Nigeria’s production targets and energy security goals.
Komolafe also highlighted the need for strict compliance with the Domestic Crude Supply Obligation (DCSO) and called for transparency and accountability in pricing across the sector.
He reiterated the commission’s commitment to implementing “Section 109 of the PIA, which addresses the subject of willing buyer, willing seller, and we urge producers to comply”.
In September 2024, the company unveiled plans to invest $10 billion in Nigeria’s deepwater oil operations.
Three months later, Seplat Energy finalised the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
