ExxonMobil Exits Nigeria's Oil Licensing Round for Deepwater Focus

ExxonMobil has opted out of Nigeria's 2025-2026 oil licensing round, which is being conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The licensing round includes 50 oil and gas blocks across various terrains, aimed at boosting exploration activities and increasing Nigeria's oil and gas reserves.

Mr. Jagir Baxi, the Managing Director of ExxonMobil Nigeria, disclosed this decision during an interview, emphasizing the company's focus on advancing several deepwater projects, including the Owowo oilfield development, which is estimated to cost between $7 billion and $8 billion. Additionally, ExxonMobil plans to invest $15 billion to $16 billion in developing the Bosi oilfield over the next five years.

The company has chosen not to participate in the current licensing round, viewing it as a distraction from their commitment to major projects that align with their strategic goals in Nigeria.