The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says ExxonMobil has reiterated its long-term commitment to Nigeria’s oil and gas industry with a proposed investment of $1.5 billion in deep-water exploration and development.
According to a statement issued by the commission, Shane Harris, ExxonMobil’s managing director, announced the investment commitment during a courtesy visit to Gbenga Komolafe, chief executive officer (CEO) of NUPRC, on Tuesday.
“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,” the statement reads.
The commission explained that the financial commitment, set to be executed between the second quarter of 2025 and 2027, aims to rejuvenate production in the Usan deepwater oil field.
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“The company proposed FID in late Q3 2025, subject to final Field Development Plan approval as well as internal and Partner funding approvals,” NUPRC said.
“This is in addition to investment targeted at the accelerated development of the Owowo, Erha deepwater oil fields, amongst others.”
The statement also noted that the initiative dispels speculation regarding ExxonMobil’s potential exit from Nigeria, emphasising instead a strategic expansion and bolstering of its presence in the country.
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During the visit, Harris highlighted that the planned investment underscores ExxonMobil’s confidence in Nigeria’s upstream capacity and its commitment to contributing significantly to the sector’s advancement.
Harris further expressed ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, aimed at raising Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.
In response, Komolafe welcomed the development, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.
He emphasised the critical need for sustained cooperation between regulators and investors to achieve Nigeria’s production and energy security objectives.
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Additionally, Komolafe underscored the importance of adhering to the domestic crude supply obligation (DCSO) and ensuring transparent pricing and accountability in the sector.
He reiterated the commission’s commitment to implementing “Section 109 of the PIA, which addresses the subject of willing buyer, willing seller, and we urge producers to comply”.
In September 2024, ExxonMobil also announced plans to invest $10 billion in Nigeria’s deep-water oil operations.
Three months later, Seplat Energy completed the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
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