ExxonMobil and partners Chevron, TotalEnergies, and CNOOC are investing $1 billion in Nigeria’s offshore Usan Infill Project. This initiative marks ExxonMobil’s first return to Nigerian drilling activities since 2016.
The project aims to add approximately 40,000 barrels of oil per day to total production. Nigeria’s upstream petroleum regulator expects the first oil delivery within 18 months.
The investment highlights a renewed focus on upstream growth projects outside of North America. This commitment reflects a long-term outlook on oil demand and the strategic value of offshore assets during the energy transition.