ExxonMobil to Invest $1 Billion in Nigerian Oil Production Project

ExxonMobil affiliates have announced a $1 billion investment in a new production project in Nigeria's Usan deepwater field. The investment is expected to unlock an additional 30,000 to 40,000 barrels per day of oil production capacity.

Jagir Baxi, Chairman and Managing Director of ExxonMobil affiliates in Nigeria, revealed this commitment during the Upstream Leadership Dialogue session at the Nigeria International Energy Summit. The investment aligns with the Nigerian government's ambition to increase crude oil production to two million barrels per day by 2027.

Baxi emphasized the importance of creating a competitive and secure environment for energy projects in Nigeria to attract international funding. The investment will focus on improving reliability, reducing costs, and enhancing performance across ExxonMobil's Nigerian operations.

The Usan field development project aims to not only increase production but also serve as a hub for developing adjacent discovered resources, adding further value to Nigeria's deepwater reserves. ExxonMobil is also exploring opportunities in other high-potential assets in Nigeria, including the Owo, Bosi, and Bonga South West projects.