ExxonMobil plans to invest $1.5 billion between 2025 and 2027 to boost production in Nigeria’s Usan deepwater oilfield, pending final Field Development Plan (FDP) and investment approvals. A final investment decision (FID) is expected by late Q3 2025. The Nigerian Upstream Petroleum Regulatory Commission confirmed the investment plans.
While ExxonMobil sold its onshore assets to Seplat Energy in 2024, it remains committed to offshore operations. Regulatory approval for Seplat’s acquisition of Mobil Producing Nigeria Unlimited was granted at the end of 2024.ExxonMobil is reaffirming its commitment to offshore development in Nigeria, with Managing Director Shane Harris highlighting the company’s confidence in the country’s upstream sector. During a meeting with NUPRC head Gbenga Komolafe, Harris expressed support for the “Project 1 Million Barrels” initiative, which aims to raise Nigeria’s oil output to 2.4 million bpd.
The Nigerian government is targeting an increase of 1 million bpd by December 2026, amid efforts to curb oil theft and enhance production.Oil theft and pipeline vandalism have historically hindered Nigeria’s upstream oil and gas sector, prompting the exit of major operators and frequently leading to force majeure declarations at critical crude oil export terminals.
