ExxonMobil Invests $1 Billion in Nigeria's Oil Sector

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has welcomed ExxonMobil's commitment of $1 billion towards the Usan field project, specifically in block OML 138. This announcement was made by Jagir Baxi, Managing Director of ExxonMobil affiliates in Nigeria, during the 25th NOG Energy Week conference in Abuja.

Mr. Oritsemeiwa Eyesan, Chief Executive of NUPRC, praised the investment, noting its significance for the resumption of drilling operations in Nigeria, which have not occurred since 2016.

The project is anticipated to add 40,000 barrels per day to Nigeria's oil production and is expected to yield first production within 18 months. The seismic data has identified investment opportunities in the Usan field, which is operated under a product sharing contract with NNPC and includes co-venture partners Chevron, TotalEnergies, Nexen, and CNOOC.