Exxon Mobil Corp. plans to invest $1.5 billion in a deepwater oil field in Nigeria as Africa’s top producer looks to boost output, according to the nation’s regulator.
The investment, expected within the next two years, will focus on reviving production in the Usan field and is in addition to funding earmarked for planned developments in Owowo and Erha, the Nigerian Upstream Petroleum Regulatory Commission said in a statement Tuesday, citing a visit by Shane Harris, Exxon’s managing director in Nigeria.
The producer aims to reach oil output of 2.4 million barrels a day after dropping to less than half of that level in 2022. Nigeria has taken measures to reduce vandalism and improve regulations, as oil majors have divested from onshore and shallow water fields due to security concerns. Local independent companies are expected to raise output as assets are transferred from recent sales.
While Exxon’s investment plans signal its continued interest in the country, the company initially considered spending as much as $10 billion on Nigeria’s offshore oil developments, the government said in September.
“This move counters speculation about Exxon Mobil’s potential withdrawal from Nigeria, instead underscoring a strategic expansion and strengthening of its operational footprint in the country,” the NUPRC said in Tuesday’s statement.
Exxon could reach a final investment decision on Usan in the third quarter, subject to approvals for its field development plan and by partners, according to NUPRC.
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