Advisors ReportsAdvisors Reports
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: ExxonMobil unveils $1.5 bn investment to revive Usan deepwater field
Share
Sign In
Notification Show More
Font ResizerAa
Advisors ReportsAdvisors Reports
Font ResizerAa
Search
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Energy TransitionNewsOil & GasSustainabilityUpstream

ExxonMobil unveils $1.5 bn investment to revive Usan deepwater field

Admin
Last updated: May 7, 2025 11:06 am
Admin
Share
2 Min Read
SHARE
… FID to be implemented between Q2, 2025 – 2027 – Harris
Oredola Adeola
ExxonMobil has announced a $1.5 billion investment scheduled between Q2 2025 and 2027 to revitalize production at the Usan deepwater oil field, reinforcing its long-term commitment to Nigeria’s oil and gas sector.
Mr. Shane Harris, ExxonMobil’s Managing Director in Nigeria, made this known during a courtesy visit to Engr. Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

He explained that the deepwater exploration and development investment, expected to commence in late Q3 2025, is subject to final Field Development Plan approval as well as internal and partner funding consents.

Mr. Harris noted that this investment complements other planned projects, including the accelerated development of the Owowo and Erha deepwater oil fields, among others.

He emphasized that the proposed capital deployment demonstrates ExxonMobil’s strong confidence in Nigeria’s upstream potential and reaffirms the company’s long-term commitment to playing a significant role in the country’s oil and gas sector.

In response to speculation around ExxonMobil’s future in Nigeria, Mr. Harris clarified that the move signals a strategic expansion and consolidation of the company’s operational footprint, rather than a withdrawal.

He further expressed ExxonMobil’s support for NUPRC’s “Project 1 million barrels” initiative, aimed at increasing Nigeria’s crude oil output to 2.4 million barrels per day in the medium term.

Welcoming the announcement, Engr. Komolafe reaffirmed NUPRC’s position as a business enabler and pledged regulatory backing to facilitate ExxonMobil’s operations.

He stressed the importance of sustained collaboration between regulators and operators to achieve Nigeria’s production and energy security targets.

The meeting also covered critical issues such as compliance with the Domestic Crude Supply Obligation and the need for transparency and accountability in pricing.

Engr. Komolafe reiterated the Commission’s commitment to implementing Section 109 of the Petroleum Industry Act (PIA), which provides for a willing buyer, willing seller framework, and urged producers to adhere to its provisions.

Three vandals bag 6 years imprisonment for damaging IBEDC electrical installations
Tinubu rules out return to dollar transactions, commits to Naira-based crude oil sales to local refineries
EKEDC cautions customers against paying individuals, agents for meter procurement, insists on use of official payment channels
P-CNGi embarks on nationwide engagements with stakeholders, ahead of May 29 launch of deployment plan
Lagos signs MOU with Dutch firm to convert 3,000 tonnes of waste daily into 75MW of electricity

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Copy Link Print
Share
Previous Article Nigeria’s economy at risk as crude oil dips below $60 amid OPEC+ surge, big oil supply glut
Next Article Ageing workforce: Adelabu approves training of 1,200 electrical engineers over next 10 years
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad imageAd image

Latest News

Heirs Energies, Renaissance Africa commit to strategic alliance to boost Nigeria’s oil, gas sector
News
June 25, 2025
NLNG to deliver keynote at 4th Oriental News National Conference in Lagos, July 24
Advertorial Documentary Downstream Energy Transition Gas Impact News
June 24, 2025
Brent crude falls to $69.21, WTI down to $66.37 as Israel-Iran ceasefire suffers setback 
Documentary Impact News Nuclear Oil & Gas Upstream
June 24, 2025
Post-U.S. strike on Iran: Brent oil price climbs $79.45 on Sunday, drops to $76.75 by Monday
Impact Maritime News Oil & Gas Special Report Upstream
June 23, 2025
Follow US
© 2022 AdvisorsReports. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?