ExxonMobil Invests $1.5 Billion in Nigeria's Oilfield
This investment is a significant vote of confidence in Nigeria's oil and gas industry, and is expected to contribute to the country's economic growth, with the potential to increase oil production to 2.4 million barrels per day by 2026, and create jobs and stimulate economic growth.
ExxonMobil plans to invest $1.5 billion in Nigeria's Usan deepwater oilfield between 2025 and 2027 to revive production, aiming for a final investment decision by the end of 2023. The project requires approval of the final Field Development Plan and internal and partner funding, and is part of the company's commitment to offshore exploration and development in Nigeria.
The investment is a significant boost to Nigeria's oil and gas industry, with the Nigerian government aiming to increase oil production to 2.4 million barrels per day by 2026. ExxonMobil's managing director in Nigeria, Shane Harris, expressed confidence in Nigeria's upstream potential and support for the "Project 1 Million Barrels" initiative to achieve this goal. The company's commitment to its operations in Nigeria is a vote of confidence in the country's oil and gas industry, despite speculation about the company's plans to exit the country.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) welcomed the investment, with its boss, Gbenga Komolafe, expressing support for the move. The investment is a significant development for Nigeria's oil and gas industry, and is expected to contribute to the country's economic growth. ExxonMobil's decision to invest in Nigeria's offshore exploration and development is a testament to the company's confidence in the country's potential for oil and gas production.
The investment is a positive development for Nigeria's economy, and is expected to create jobs and stimulate economic growth. With ExxonMobil's commitment to its operations in Nigeria, the country's oil and gas industry is poised for significant growth and development in the coming years.