ABUJA, July 9 – ExxonMobil and its partners will invest $1 billion in the Usan Infill Project offshore Nigeria, a development expected to increase the country’s oil production by 40,000 barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The regulator said the investment marks the return of drilling activities by Esso Exploration and Production Nigeria, ExxonMobil’s Nigerian affiliate, whose last drilling operation in the country was in 2016.
Speaking at an oil conference in Abuja, ExxonMobil Nigeria’s Managing Director, Jagir Baxi, confirmed the company’s investment commitment.
NUPRC Chief Executive Oritsemyiwa Eyesan said the project is expected to deliver first oil within 18 months after seismic data identified the new investment opportunity.
Esso operates OML 138, which contains the Usan oilfield, under a production-sharing contract with NNPC Ltd.
Separately, the NUPRC presented 19 petroleum prospecting licences to successful bidders from the 2022/2023 Mini Bid Round and the 2024 Licensing Round. The licences cover deepwater, shallow-water and continental shelf acreages as part of the country’s push to encourage further exploration and investment in the oil and gas industry.
