Exxon Mobil plans to invest $1.5 billion over the next two years to boost production in Nigeria’s deepwater Usan field, alongside funding for Owowo and Erha developments. Nigeria aims to increase oil output to 2.4 million barrels per day after a sharp decline in 2022.
The government is improving security and regulations to support production, with local companies expected to raise output as assets change hands.Exxon’s planned $1.5 billion investment reflects its ongoing commitment to Nigeria, despite earlier considerations of spending up to $10 billion on offshore projects, the government noted in September.
“This investment dispels rumors of Exxon Mobil exiting Nigeria and highlights its strategy to expand and strengthen operations in the country,” the NUPRC said in Tuesday’s statement.Exxon is expected to make a final investment decision on the Usan field in the third quarter, pending approval of its development plan and partner consent, according to NUPRC.
