ExxonMobil Nears $10 Billion Investment Milestone to Boost Nigerian Deep-Water Production

ExxonMobil moves closer to a $10 billion Final Investment Decision for Nigerian deep-water projects, targeting 180,000 bpd at Usan and Owowo.

By: AXL Media

Published: Apr 9, 2026, 4:15 AM EDT

Source: Information for this report was sourced from Business Insider Africa

Strategic Expansion in Nigerian Deep-Water Assets

ExxonMobil has signaled its intent to finalize a $10 billion investment package aimed at revitalizing its footprint in the Nigerian energy sector. This development follows high level discussions initiated in late 2024 between corporate executives and Nigerian Vice President Kashim Shettima. The primary objective of the capital injection is to scale the company’s deep-water production in the West African nation to a target of 180,000 barrels per day, utilizing both existing infrastructure and new greenfield developments to extract untapped resources.

Initial Capital Allocation for Usan Infill Drilling

The first phase of this ambitious program centers on the Usan deep-water asset, where an infill drilling campaign valued at $1 billion is currently being prepared for execution. According to Jagir Baxi, Chairman and Managing Director of ExxonMobil’s affiliate in Nigeria, the company has already committed 30% of the projected capital for this specific project. These early funds have been directed toward securing foundational contracts and long lead equipment, with the firm expecting to declare the investment fully ready for implementation within the coming months.

Collaborative Regulatory and Technical Frameworks

Reaching a Final Investment Decision (FID) has required extensive coordination with Nigeria’s primary energy regulators and stakeholders. ExxonMobil is actively engaging with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Corporation (NNPC Ltd), and the Nigerian Content Development and Monitoring Board (NCDMB). These collaborative efforts are focused on meeting the technical and regulatory requirements necessary to ensure the project benefits local industry while adhering to international operational standards.