• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Exxon to Invest $1.5 Billion in Deepwater Oilfields in Nigeria

4 months ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
54
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Exxon to Invest $1.5 Billion in Deepwater Oilfields in Nigeria

U.S. supermajor ExxonMobil plans to invest as much as $1.5 billion in deepwater oil and gas exploration and development offshore Nigeria, the local regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said.

Exxon sold last year its onshore assets to local firm Seplat Energy, but is committed to offshore exploration and development in the country.

At the end of 2024, Nigeria’s regulators finally approved – after two years – Seplat Energy’s proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.

Now the U.S. supermajor is committing to developing its offshore position in Nigeria.

Exxon plans the $1.5 billion investment between 2025 and 2027 for revitalizing production in the Usan deepwater oilfield, Nigeria’s NUPRC said.

The U.S. energy giant targets a final investment decision (FID) on the project for late in the third quarter of this year, subject to approval of its final Field Development Plan, as well as internal and partner funding approvals.

RelatedPosts

Parliamentary Select Committee on Lands and Natural Resources Visits AGA Iduapriem Mine

Parliamentary Select Committee Lauds Gold Fields’ Contributions During Working Visit

GRA Refutes Claims of Irregularities in Auction of Perishable Goods at Ports

Shane Harris, ExxonMobil’s Managing Director in Nigeria, said that the planned capital investment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the country’s oil and gas production growth.

During a meeting with NUPRC chief executive Gbenga Komolafe this week, Harris also confirmed Exxon’s support for the regulator’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day (bpd) in the medium term.

Nigerian authorities have been clamping down on oil theft and have been supportive of an increase in oil and gas output in recent months.

The Nigerian government aims to boost the country’s oil production by 1 million bpd by December 2026, from the current 1.75 million bpd.

Oil theft and pipeline vandalism have long plagued Nigeria’s upstream oil and gas industry, driving majors out of the biggest OPEC producer in Africa and often resulting in force majeure at the key crude oil export terminals.

Tags: ExxonExxon to Invest $1.5 Billion in Deepwater Oilfields in NigeriaOilfields in Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

COCOBOD in ICU: Can Dr. Raddy Abbey Resuscitate Ghana’s Cocoa Lifeline?

Hands Off Our Cedi! Ghana’s Cedi Reset Will Be Written in Accra, Not Washington!

BoG Directs Mining Firms to Route Forex Inflows Through Commercial Banks

US Open: Alcaraz Exorcises Second-Round Demons, Djokovic Through to Next Round

Manchester United Eliminated from Carabao Cup by Fourth-Tier Grimsby

UCL: All You Need To Know Ahead Of The League Phase Draw on Thursday As Three Clubs Qualify For The First Time

Trending

Business

Parliamentary Select Committee on Lands and Natural Resources Visits AGA Iduapriem Mine

August 28, 2025

Parliamentary Select Committee on Lands and Natural Resources Visits AGA Iduapriem Mine The Parliamentary Select Committee on...

Parliamentary Select Committee Lauds Gold Fields’ Contributions During Working Visit

August 28, 2025

GRA Refutes Claims of Irregularities in Auction of Perishable Goods at Ports

August 28, 2025

COCOBOD in ICU: Can Dr. Raddy Abbey Resuscitate Ghana’s Cocoa Lifeline?

August 28, 2025

Hands Off Our Cedi! Ghana’s Cedi Reset Will Be Written in Accra, Not Washington!

August 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.