ExxonMobil has confirmed plans to invest $1.5 billion in Nigeria’s deepwater exploration and development for the next two years.

The planned investment, which will be executed between Q2 2025 and 2027, will focus primarily on revitalising production at the Usan deepwater oil field.

The oil major also indicated that a Final Investment Decision is expected in late Q3 2025, pending the final approval of the Field Development Plan, along with internal and partner funding approvals.

The announcement was made during a courtesy visit by ExxonMobil’s Managing Director in Nigeria, Mr. Shane Harris, to the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, on Tuesday.

In a post on the NUPRC’s official X handle on Wednesday, ExxonMobil also revealed intentions to accelerate development activities in other key deepwater assets, including the Owowo and Erha fields.

It said these developments are part of a broader strategy to strengthen its operational footprint in Nigeria and support the country’s drive for increased production.

The post read in part, “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.

“This significant financial commitment, which will be implemented between Q2, 2025 – 2027, focuses on revitalising production in 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.”

In 2024, ExxonMobil revealed its plan to invest $10 billion in Nigeria’s deep-water (offshore) oil operations.

According to Harris, 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.

This move counters speculation about ExxonMobil’s potential withdrawal from Nigeria, instead underscoring a strategic expansion and strengthening of its operational footprint in the country.

Harris also voiced 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.

In his role as the new Chairman of the Oil Producers Trade Section, Mr. Harris expressed his intent to foster stronger collaboration between industry stakeholders and the NUPRC.

On his part, the NUPRC CCE welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.

He highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals.

Discussions during the visit also addressed compliance with the Domestic Crude Supply Obligation and the need for transparent pricing and 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 with the Domestic Crude Supply Obligation,” he stated.