ExxonMobil to invest $1 billion in Nigeria's offshore oilfield, adding 40,000 barrels per day
The U.S. oil major and its partners will invest $1 billion in the Usan Infill Project offshore Nigeria, a move expected to boost production by 40,000 barrels per day and mark the company's first drilling activity in the country since 2016.
Investment details
ExxonMobil and its partners committed $1 billion to the Usan Infill Project offshore Nigeria, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on 8 July 2026. The project is expected to add 40,000 barrels per day (bpd) of oil production once completed. The investment was disclosed during an oil conference in Abuja, where ExxonMobil Nigeria managing director Jagir Baxi confirmed the commitment.
Return to drilling
The investment marks a return to drilling activity by ExxonMobil's affiliate Esso Exploration and Production Nigeria. The company's last drilling operation in the country took place in 2016, according to the NUPRC. The hiatus of nearly a decade ends with this new offshore project.
- ExxonMobil's last drilling operation in Nigeria
- NUPRC announces $1 billion Usan Infill Project investment
Industry context
The announcement comes as Nigeria seeks to revitalize its oil sector and attract foreign investment. The Usan field, located offshore, is a mature asset, and infill drilling aims to tap remaining reserves. The additional 40,000 bpd would contribute to Nigeria's overall production capacity.
