ABUJA, Nigeria — The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has welcomed ExxonMobil’s $1 billion investment in the Usan Infill Project while awarding Petroleum Prospecting Licences (PPLs) to successful bidders in recent licensing rounds, marking a boost for Nigeria’s upstream oil sector.
The Commission Chief Executive, Mrs. Oritsemyiwa Eyesan, made this known at the 25th NOG Energy Week Conference and Exhibition, where ExxonMobil announced the investment expected to add about 40,000 barrels per day to Nigeria’s output.
“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.
The investment, led by Esso Exploration and Production Nigeria—an ExxonMobil affiliate and operator of OML 138—is seen as a major step in revitalising deepwater operations. The block, which hosts the Usan field, is operated under a Production Sharing Contract with NNPC Limited, alongside partners including Chevron, TotalEnergies and Nexen, a subsidiary of CNOOC.
Eyesan noted that the NUPRC remains committed to advancing deepwater projects to meet national production targets, boost reserves, sustain government revenue and strengthen investor confidence.
Earlier, ExxonMobil Nigeria’s Managing Director, Jagir Baxi, credited the NUPRC and other government agencies for facilitating the project, describing the investment as a strategic move to sustain and increase output from the Usan field.
The short-cycle project is expected to deliver first production within 18 months following seismic data that identified the opportunity.
In a related development, the NUPRC presented Petroleum Prospecting Licences to winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
Companies awarded licences include Broron Energy Limited (PPL 2009), Petroli Energy Marketing and Supply Limited (PPL 269), Sahara Deepwater Resources Limited (PPL 270 and PPL 271), and Tulcan Energy E&P Co (PPL 2008).
The Commission said the exercise covers 12 awardees across 19 PPLs, spanning deep offshore, shallow water and continental shelf assets, reflecting the breadth of investment opportunities in Nigeria’s upstream sector.
It added that the awards represent a significant milestone in efforts to deepen investment, accelerate exploration, expand hydrocarbon reserves and create long-term economic value.
Representatives of companies not present at the event are expected to complete their execution processes at later dates.
