ExxonMobil Nigeria investment has reached another major milestone after the energy giant committed $1 billion to the Usan Infill Project. The offshore development is expected to increase Nigeria’s crude oil production by about 40,000 barrels per day, create new business opportunities and strengthen investor confidence in the country’s oil and gas industry.
The investment signals growing confidence in Nigeria’s upstream petroleum sector and aligns with the Federal Government’s efforts to attract more foreign investment into oil exploration and production.
ExxonMobil Nigeria Investment Will Boost Offshore Production
The announcement was made during the 25th NOG Energy Week Conference and Exhibition held in Abuja, where industry stakeholders gathered to discuss the future of Nigeria’s energy sector.
ExxonMobil’s Nigerian subsidiary, Esso Exploration and Production Nigeria Limited (EEPNL), operates Oil Mining Lease (OML) 138, which houses the offshore Usan Oil Field under a Production Sharing Contract with NNPC Limited.
The Usan field is one of Nigeria’s major deep-water oil assets, and the new investment is expected to strengthen the country’s production capacity while extending the lifespan of the field.
RELATED: Solar Energy Financing for Nigerian Businesses
Nigeria Set to Increase Crude Oil Production
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Usan Infill Project is projected to add about 40,000 barrels of crude oil per day once production begins.
The Commission’s Chief Executive, Oritsemyiwa Eyesan, described the project as a significant milestone for Nigeria’s petroleum industry.
She explained that ExxonMobil’s latest investment also marks the company’s return to drilling operations in Nigeria after Esso Exploration and Production Nigeria suspended drilling activities in 2016.
Following extensive seismic studies, additional oil-bearing opportunities were discovered within the Usan field, paving the way for the new development.
The first oil from the project is expected within 18 months, further strengthening Nigeria’s efforts to increase oil output and improve government revenue.
Major Oil Companies Behind the Project
The Usan Infill Project is being developed through a consortium of leading international oil companies, including:
- ExxonMobil
- NNPC Limited
- Chevron
- TotalEnergies
- Nexen, a subsidiary of China’s CNOOC
The collaboration reflects continued international interest in Nigeria’s offshore oil sector despite global shifts towards cleaner energy sources.
How the ExxonMobil Nigeria Investment Benefits Businesses
Industry experts believe the $1 billion investment will have a positive impact beyond crude oil production.
The project is expected to create business opportunities for companies operating across Nigeria’s oil and gas value chain, including:
- Engineering firms
- Marine service providers
- Oilfield equipment suppliers
- Fabrication companies
- Logistics and transportation firms
- Local contractors
- Technical service providers
The increased level of activity is also expected to support job creation, boost local content participation and stimulate economic growth in Nigeria’s energy sector.
NUPRC Awards 19 New Petroleum Prospecting Licences
In another major development announced during the conference, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) awarded 19 Petroleum Prospecting Licences (PPLs) to 12 successful companies under the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
The newly awarded licences cover assets across:
- Deep offshore
- Shallow water
- Continental shelf
The move forms part of the government’s broader strategy to unlock additional hydrocarbon resources and expand oil and gas exploration across the country.
ExxonMobil Nigeria Investment Signals Long-Term Commitment
The Usan Infill Project is only one part of ExxonMobil’s broader investment strategy in Nigeria.
In 2025, the company announced plans to invest up to $10 billion in Nigeria’s deep-water operations through the proposed Owo Project.
ExxonMobil also revealed plans to:
- Invest approximately $1 billion annually in maintenance of existing facilities.
- Commit an additional $1.5 billion to projects aimed at increasing production by about 50,000 barrels per day over the coming years.
These investments reinforce Nigeria’s position as one of Africa’s leading oil-producing nations while supporting the country’s long-term energy security.
Final Thoughts
ExxonMobil’s $1 billion commitment to the Usan Infill Project is another positive signal for Nigeria’s oil and gas industry. Beyond increasing crude oil production by 40,000 barrels per day, the investment is expected to generate employment, create opportunities for local businesses, and encourage further investment in the country’s upstream sector.
Combined with the award of new petroleum licences and ExxonMobil’s broader multi-billion-dollar investment strategy, Nigeria appears to be positioning itself for renewed growth in offshore oil production despite the evolving global energy landscape.
