By Charles Pemu 
n a move that reaffirms its long-term commitment to Nigeria’s oil and gas industry, ExxonMobil has announced a $1.5 billion investment aimed at revitalising deepwater operations, particularly the Usan oil field. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed the development following a strategic meeting between ExxonMobil’s Managing Director in Nigeria, Mr. Shane Harris, and the Commission Chief Executive, Mr. Gbenga Komolafe.
The capital injection, scheduled for deployment between Q2 2025 and 2027, will focus on boosting production across multiple deepwater assets, including the Erha and Owowo fields. ExxonMobil’s Final Investment Decision (FID) is anticipated in Q3 2025, pending regulatory approvals and partner financing.
Harris emphasized that the investment underscores ExxonMobil’s confidence in Nigeria’s upstream potential and dismissed speculation over the company’s alleged exit from the country. He further expressed support for the NUPRC’s “Project 1 Million Barrels,” which aims to raise national production to 2.4 million barrels per day.
Mr. Komolafe welcomed the commitment, describing the NUPRC as a “business enabler” and reiterating the Commission’s readiness to provide regulatory support to attract and retain investment in the sector. He also urged compliance with the Petroleum Industry Act’s provisions on domestic supply obligations and market transparency.
Discussions also explored pricing frameworks and the implementation of Section 109 of the PIA, which supports a “willing buyer, willing seller” market structure. Komolafe affirmed the commission’s dedication to transparency and accountability in Nigeria’s energy sector.