ExxonMobil has committed $1 billion to the Usan Infill Project in Nigeria’s Oil Mining Lease 138, a move welcomed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as a significant boost to the country’s deepwater production capacity.
The investment targets infill drilling and development within the existing lease area, aiming to extend the life and output of the mature field.
Simultaneously, the NUPRC has formally executed concession contracts for 19 Petroleum Prospecting Licences (PPLs) awarded in the 2024 bid round.
These licenses were granted to 12 winning bidders, marking a concrete step in Nigeria’s effort to attract new exploration capital and diversify its upstream portfolio beyond legacy assets.
The dual announcement underscores a regulatory push to stabilize and grow domestic oil supply amid ongoing sector reforms.
For global energy markets, the development highlights a shift in capital allocation toward West Africa’s deepwater frontier, where major integrated oil companies are seeking to offset declines in other basins.