ExxonMobil and its partners will invest $1 billion in the Usan Infill Project offshore Nigeria, a development expected to add 40,000 barrels per day (bpd) of oil production, Nigeria’s upstream regulator said on Wednesday.
It will be boost for Nigeria’s quest to attract more foreign direct investment, FDI.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the investment marks a return to drilling activity by ExxonMobil affiliate Esso Exploration and Production Nigeria in the country, with the company’s last drilling operation dating back to 2016.
ExxonMobil’s Nigerian affiliate, Esso Exploration and Production Nigeria, operates OML 138, which contains the Usan field under a production-sharing contract with NNPC Ltd. Related News Defence minister orders troops to shoot bandits on sight WORLD IN BRIEF: Health workers' strike in Congo, Tanzania boosts gold reserves, German doctor jailed for murdering 15 patients and other stories US launches new strikes on Iran, military says
ExxonMobil Nigeria Managing Director Jagir Baxi confirmed the investment commitment at an oil conference in Abuja.
