ExxonMobil and its partners will invest $1 billion in the Usan Infill Project offshore Nigeria, a development expected to add 40,000 barrels per day (bpd) of oil production, Nigeria’s upstream regulator said on Wednesday.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the investment marks a return to drilling activity by ExxonMobil affiliate Esso Exploration and Production Nigeria in the country, with the company’s last drilling operation dating back to 2016.
- ExxonMobil’s Nigerian affiliate, Esso Exploration and Production Nigeria, operates OML 138, which contains the Usan field under a production-sharing contract with NNPC Ltd.
- ExxonMobil Nigeria Managing Director Jagir Baxi confirmed the investment commitment at an oil conference in Abuja.
- NUPRC Chief Executive Oritsemyiwa Eyesan said the Usan project is expected to deliver first production within 18 months after seismic data identified the investment opportunity.
- Nigeria is seeking to attract new upstream investment and raise crude oil production through development of offshore and onshore assets.
- Separately, NUPRC presented 19 prospecting licences across deepwater, shallow-water and continental shelf acreage to successful bidders from the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
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