ExxonMobil is doubling down on Nigeria’s offshore potential, unveiling a bold $1.5 billion investment in the Usan deepwater oil field, a move that signals renewed global confidence in Nigeria’s oil sector and aligns with the government’s push to ramp up crude production.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the investment plan, which is scheduled to be executed between the second quarter of 2025 and 2027. This development was disclosed following a strategic visit by ExxonMobil’s Managing Director in Nigeria, Mr. Shane Harris, to the Commission’s Chief Executive, Mr. Gbenga Komolafe.

According to the NUPRC, ExxonMobil aims to reach a Final Investment Decision (FID) by late Q3 2025. However, this milestone hinges on securing final approvals for the Field Development Plan (FDP) and obtaining internal and partner funding clearances.

Beyond the Usan project, ExxonMobil is also channeling funds into the accelerated development of other prolific deepwater fields, notably Owowo and Erha, underlining a broader strategic commitment to Nigeria’s upstream resurgence.

Speaking during the meeting, Mr. Harris emphasized that the planned investment reflects ExxonMobil’s long-term commitment to Nigeria’s energy sector. He expressed strong support for the NUPRC’s “Project 1 Million Barrels,” an ambitious initiative to push national oil output to 2.4 million barrels per day within the medium term.

Welcoming the investment, Mr. Komolafe reiterated the NUPRC’s role as a facilitator for sustainable and transparent investment. He stressed the importance of investor-regulator collaboration in meeting Nigeria’s domestic supply obligations and fostering accountability in the sector.

“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,” Komolafe stated.

The $1.5 billion bet on Nigeria’s offshore assets positions ExxonMobil as a key player in the country’s energy transformation, potentially unlocking new reserves, boosting production, and anchoring economic growth in Africa’s largest oil producer.