ExxonMobil Returns to Nigeria’s Deepwater Oil Sector With $1 Billion Investment Plan
ExxonMobil is returning to Nigeria’s deepwater oil sector with a planned $1 billion investment in the Usan Infill Project, marking the company’s first major drilling campaign in the country in nearly a decade.
The project, located in Oil Mining Lease (OML) 138 offshore Nigeria, is expected to increase crude oil production by approximately 40,000 barrels per day and strengthen output from the Usan Floating Production, Storage and Offloading (FPSO) facility.
ExxonMobil’s Nigerian affiliate, Esso Exploration and Production Nigeria, is leading the development alongside its partners in OML 138.
The investment follows seismic studies that identified additional drilling opportunities within the existing Usan field, allowing the company to target new reserves without developing an entirely new offshore project.
The return of deepwater drilling represents a significant boost for Nigeria’s upstream oil industry, which has experienced years of declining production due to underinvestment, operational challenges, and security concerns affecting some oil-producing areas.
Nigeria, Africa’s largest oil producer, has been working to attract renewed investment into its petroleum sector through regulatory reforms and initiatives aimed at increasing crude production and improving investor confidence.
The Usan Infill Project highlights growing interest in Nigeria’s deepwater assets, which remain among the country’s most attractive exploration and production opportunities.
The development is expected to increase government revenues, support local industry participation, and contribute to Nigeria’s efforts to rebuild oil output.
