ExxonMobil invests $1bn in Nigeria offshore

ExxonMobil and its partners have committed $1 billion to the Usan Infill Project offshore Nigeria, expected to add 40,000 barrels per day of oil production. The Nigeria — Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the investment on July 8, 2026, marking ExxonMobil's return to drilling in Nigeria after a decade-long pause. The project will be executed by ExxonMobil — Esso Exploration and Production Nigeria Limited, operator of OML 138 under a production-sharing contract with NNPC. First oil is expected within 18 months. Separately, NUPRC presented 19 prospecting licences to successful bidders from recent licensing rounds, including companies like Broron Energy, Petroli Energy, Sahara Deepwater Resources, and Tulcan Energy. This investment builds on ExxonMobil's earlier commitment of up to $10 billion for the Owo Project and plans to spend $1.5 billion to boost production by 50,000 bpd.