ExxonMobil is pumping $1 billion back into Nigeria’s deep water with a new push at the Usan field.
The company and its partners announced the commitment on Tuesday at the 2026 NOG Energy Week Conference. According to the Nigerian Upstream Petroleum Regulatory Commission, the money will fund the Usan Infill project in Oil Mining Lease 138.
Jagir Baxir, managing director of ExxonMobil’s affiliates in Nigeria, said the investment was made possible with support from the NUPRC and other government agencies.
The project is expected to add 40,000 barrels of oil per day. Esso Exploration and Production Nigeria operates OML 138 under a Production Sharing Contract with NNPC Limited. Other partners on the block are Chevron, TotalEnergies, and Nexen, a subsidiary of CNOOC.
Because it is a short-cycle development, first oil is targeted within 18 months of the seismic work that identified the opportunity.
The announcement marks a turning point for Esso in Nigeria. NUPRC Chief Executive Oritsemyiwa Eyesan noted that the company has not drilled in the country since 2016.
“With Esso’s last drilling operation dating back to 2016, the resumption of drilling signals renewed potential and value in our deep water acreage,” Eyesan said. She added that deep water projects are central to Nigeria’s plans to grow production, increase reserves, protect government revenue, and keep investors confident.
The NUPRC also used the conference to present Petroleum Prospecting Licences to winners from the 2022/2023 mini bid round and the 2024 licensing round. Companies receiving licences included Broron Energy Limited for PPL 2009, Petroli Energy Marketing and Supply Limited for PPL 269, Sahara Deepwater Resources Limited for PPL 270 and PPL 271, and Tulcan Energy E&P Co for PPL 2008.
In total, 12 companies were awarded 19 PPLs covering deep offshore, shallow water, and continental shelf blocks. The commission said the awards are part of a broader effort to attract investment, speed up exploration, and expand Nigeria’s hydrocarbon base for long-term economic value.
