ExxonMobil Commits $1.5 Billion to Nigeria’s Deepwater Development

Exxon Mobil has pledged $1.5 billion to revitalize deepwater oil production in Nigeria’s Usan field, a move hailed by regulators as a sign of the company’s ongoing commitment to Africa’s largest oil producer. The investment, scheduled to be deployed within two years, adds to Exxon’s planned developments in the country’s Owowo and Erha fields. Nigeria, aiming to reach 2.4 million barrels per day, has made progress in tackling vandalism and regulatory hurdles, thereby boosting investor confidence. According to the government, Exxon had considered investing $10 billion in the country’s offshore development. While the final commitment is less than originally planned, it will help dispel rumors of the company’s exit from Nigeria. A final investment decision is expected in Q3 2025, pending partner and regulatory approvals, solidifying Exxon’s role in Nigeria’s upstream oil strategy.

Bloomberg