In a significant show of confidence in Nigeria’s energy sector, ExxonMobil has announced a $1.5 billion investment in deepwater exploration and development projects, reaffirming its long-term commitment to the country’s oil and gas industry. The investment, slated to be deployed between Q2 2025 and 2027, will primarily focus on revitalising production at the Usan deepwater oil field, with additional development planned for other key assets including the Owowo and Erha fields.
The announcement came during a courtesy visit by ExxonMobil’s Managing Director in Nigeria, Mr. Shane Harris, to the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe.
According to a statement published by the NUPRC, the discussions highlighted ExxonMobil’s confidence in the regulatory framework and its alignment with the Renewed Hope economic agenda.
Engr. Komolafe, who has led the NUPRC focusing on transparency, accountability, and investor engagement, has been widely credited with transforming Nigeria’s upstream regulatory environment. His leadership has created an enabling climate that is now drawing substantial foreign direct investment into the sector.
It will be recalled that Engr. Komolafe featured at the Renewed Hope Global Virtual Conference a few months back, where he pledged to deepen reforms and attract meaningful international partnerships to drive Nigeria’s energy future. His recent actions signal that those commitments are materialising.
“We are creating a regulatory landscape that works for investors and for Nigeria,” Komolafe said at the conference – a sentiment that appears to be gaining traction.
Ambassador Joseph K. Adebola, Chairman of Renewed Hope Global and official Diaspora Ambassador of the Economic & Financial Crimes Commission (EFCC), commended the development, stating: “ExxonMobil’s renewed investment is a direct result of the trust and credibility that Engr. Komolafe has brought to the NUPRC. His professionalism and focus on industry best practices are positioning Nigeria as a top-tier investment destination in the global energy market”.
This latest investment reinforces Nigeria’s attractiveness in the global oil landscape and marks a key step toward achieving sustained economic growth, increased government revenues, and job creation through a revitalised energy sector.