ExxonMobil Corp. plans to invest $1.5 billion in the development of Nigeria’s Usan deepwater oil field, according to a May 6 announcement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The investment is scheduled to take place between the second quarter of 2025 and the end of 2027.
The company aims to reach a final investment decision (FID) by the third quarter of 2025, pending approval of the field development plan as well as internal and partner funding authorizations. This new commitment adds to ExxonMobil’s ongoing efforts to accelerate the development of the Owowo and Erha deepwater fields.
Located approximately 110 kilometers off southeastern Nigeria in water depths of 800 meters, the Usan field was discovered in 2002 and remains a key asset in ExxonMobil’s deepwater portfolio.