
Shane Harris, ExxonMobil’s managing director in Nigeria paid a courtesy visit to the chief executive of NUPRC, Gbenga Komolafe. (Image source: NUPRC)
In a clear move for startegic expansion, ExxonMobil has confirmed the initiation of planned investments of US$1.5bn for deepwater exploration and development in Nigeria
The announcement was made by Shane Harris, ExxonMobil’s managing director in Nigeria, during a courtesy visit to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe.
Expected to be implemented between Q2 2025-2027, the initiative will include production revitalisation from the Usan field, several funding approvals, and a field development plan approval during the late Q3 2025. Other activities include accelerated development of the Owowo and Erha fields, among others.
Emphasising the importance of collaboration between investors and regulators in meeting Nigeria's production optimisation goals, Komolafe said, “The Commission is committed to the implementation of Section 109 of the PIA which addresses the subject of willing buyer, willing seller and we urge producers to comply with the Domestic Crude Supply Obligation.”