The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that ExxonMobil will invest $1.5 billion in Nigeria’s deepwater oil sector between the second quarter (Q2) of 2025 and 2027. According to the Commission, the investment will focus on revitalizing production in the Usan deepwater field.
NUPRC noted that a final investment decision is expected by late Q3 2025, pending approval of the Field Development Plan and partner funding. It said the funding also covers the accelerated development of the Owowo and Erha deepwater oil fields.
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The Commission made the announcement after a courtesy visit by ExxonMobil Nigeria’s Managing Director, Shane Harris. During the meeting, Harris assured the Commission of ExxonMobil’s confidence in Nigeria’s upstream potential.
NUPRC said the investment demonstrates the company’s long-term commitment and counters speculation of a possible withdrawal.
It confirmed that ExxonMobil has expressed support for the “Project 1 Million Barrels” initiative to boost Nigeria’s crude output to 2.4 million barrels per day. The Commission’s Chief Executive, Engr. Gbenga Komolafe, welcomed the announcement and pledged regulatory support to facilitate operations.
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He emphasized the need for continuous collaboration between investors and regulators to meet production and energy security goals.
NUPRC also confirmed that discussions included the need for compliance with Domestic Crude Supply Obligations. It reiterated its commitment to enforcing Section 109 of the Petroleum Industry Act, which supports a “willing buyer, willing seller” market.
The Commission further noted Harris’s new role as Chairman of the Oil Producers Trade Section and his intent to strengthen industry-regulator collaboration.
