ExxonMobil's Usan Project to Generate $1.2 Billion in Nigeria

ExxonMobil's Usan project, managed by Esso Exploration and Production Nigeria, is projected to generate $1.2 billion in revenue for Nigeria within the next four years. Jagir Baxi, Managing Director of Esso, announced this during the ongoing Nigeria Oil and Gas Energy Week in Abuja.

The project, located in Oil Mining Lease (OML) 138, is designed to unlock an additional 40,000 barrels of oil per day (bpd) from Nigeria's deepwater assets. A $300 million commitment has already been made towards the project, which includes advanced seismic acquisition processes expected to be completed by 2024.

The project is significant as it marks Esso's return to deepwater drilling after nearly a decade and is aligned with the Nigerian government's goal to increase crude oil production. The Usan field has produced oil for 14 years, and the investment is expected to deliver first oil within six months and peak production within 18 months.