After onshore divestment, ExxonMobil to invest $1.5bn in deepwater exploration
ExxonMobil has disclosed plans to invest $1.5 billion in deepwater exploration and development. A statement by Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the significant financial commitment would be implemented between Q2, 2025 – 2027 focuses to revitalise production in the Usan deepwater oil field. The statement noted that ExxonMobil proposed FID in late Q3 […]
ExxonMobil has disclosed plans to invest $1.5 billion in deepwater exploration and development.
A statement by Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the significant financial commitment would be implemented between Q2, 2025 – 2027 focuses to revitalise production in the Usan deepwater oil field.
The statement noted that ExxonMobil proposed FID in late Q3 2025 subject to final field development plan approval as well as internal and partner funding approvals.
“This is in addition to investment targeted at the accelerated development of the Owowo, Erha deepwater oil fields, amongst others.
It stated that the announcement was made during a courtesy visit by ExxonMobil’s Managing Director in Nigeria, Mr. Shane Harris to NUPRC’s Commission Chief Executive, Engr. Gbenga Komolafe.
‘Fresh investment after divestment’
Daily Trust reports that the planned investment is coming after ExxonMobil sold its onshore assets in Nigeria to Seplat in a $1.28bn deal.
Oil majors operating in Nigeria, Africa’s largest oil exporter, have been retreating from onshore operations reportedly hampered by theft and sabotage, opting to focus future investments on newer and more lucrative deep offshore fields.
Similarly, Shell had also divested from Onshore activities and sold its assets to Renaissance in a $2.4bn deal.
Following the success of ExxonMobil’s divestment transaction, Seplat now owns 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of the Bonny River natural gas liquids recovery plant previously owned by Mobil Producing Nigeria Unlimited, Exxon’s local unit.
‘We remain in Nigeria’
During the meeting with the NUPRC Chief, Harris explained that the planned capital deployment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the sector’s growth.
“This move counters speculation about ExxonMobil’s potential withdrawal from Nigeria, instead underscoring a strategic expansion and strengthening of its operational footprint in the country. Mr. Harris also voiced ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.”
On his part, Engr. Komolafe welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations. He highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals.
“Discussions during the visit also addressed compliance with the Domestic Crude Supply Obligation and the need for transparent pricing and accountability in the sector.
“The commission is committed to the implementation of Section 109 of the PIA which addresses the subject of willing buyer, willing seller and we urge producers to comply.”