ExxonMobil Pledges $1bn to Restart Deepwater Drilling in Nigeria After a Decade

ExxonMobil has launched a $1 billion infill drilling project offshore Nigeria, marking its first campaign since 2016. The Usan Infill Project in OML 138 will tap new wells identified by recent seismic studies. Partners in the production-sharing deal include Chevron, TotalEnergies, Nexen and NNPC Ltd. Work began during this year’s national energy conference in Abuja. First oil is expected within 18 months, with an added capacity of 40,000 barrels per day. Regulators say the investment reflects growing confidence in reforms under the Petroleum Industry Act and could help reverse years of declining output caused by security concerns, theft and underinvestment. Officials describe the move as a strategic step to unlock value from existing deepwater assets and attract fresh upstream capital for Nigeria’s offshore sector.

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