Managing Director in Nigeria, ExxonMobil, Shane Harris, has said that ExxonMobil has plans to invest $1.5 billion in Nigeria’s deepwater exploration and development for the next two years.
He said the investment will start from the second quarter of 2025, adding that the financial commitment will be implemented between Q2, 2025 – 2027 and will focus on revitalising production in the Usan deepwater oil field.
Harris spoke on Tuesday during a courtesy visit to the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe.
According to him, ExxonMobil proposed Final Investment Decision (FID) in late Q3 2025 subject to final Field Development Plan approval as well as internal and Partner funding approvals.
He said the planned capital deployment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the sector’s growth.
Harris further expressed ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.
Komolafe expressed happiness at the investment plan and reaffirmed the NUPRC’s role as a business enabler.
He also pledged NUPRC’s support to facilitate ExxonMobil’s operations and harped on the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals.
Komolafe said: ““The Commission is committed to the implementation of Section 109 of the PIA which addresses the subject of willing buyer, willing seller and we urge producers to comply.”
It was also learnt that the two parties addressed compliance with the Domestic Crude Supply Obligation and the need for transparent pricing and accountability in the sector.