ExxonMobil plans investing $1 billion in Nigerian Oil Field

By: fxleaders|2025/05/10 16:15:08

ExxonMobil plans to invest $1.05 billion to resurrect deepwater oil operations in the country. The investment will be used to increase production at the Usan oilfield, which is a part of the offshore block OML 138 in the eastern Niger Delta. Under the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) “Project 1 Million Barrels” initiative, Nigeria aims to increase its crude oil production to 20.4 million barrels per day. The capital infusion is scheduled to take place between Q2 2025 and 2027. The Usan field, which was discovered in 2002 and put into production in 2012, consists of 34 subsea wells connected to eight manifolds. ExxonMobil anticipates making a final investment decision (FID) by the third quarter of 2025, subject to funding partnerships and internal approvals. ExxonMobil Nigeria’s chief, Shane Harris, told NUPRC chief Gbenga Komolafe that the Usan project is one of several planned deepwater investments. The Owowo and Erha fields are among the others, demonstrating ExxonMobil’s wider dedication to Nigeria’s energy industry. Komolafe praised the announcement, stating that it reflects a resurgence of investor confidence and advances Nigeria’s overarching objective of reviving its oil production. According to ExxonMobil, upstream affiliates are in charge of managing five deepwater blocks in Nigeria. The following are the ExxonMobil upstream affiliates that are active in Nigeria: Esso Exploration and Production Nigeria Limited, Esso Exploration and Production Nigeria (Offshore East) Limited, Esso Exploration and Production Nigeria (Deepwater West) Limited, Esso Exploration and Production Nigeria (Upstream) Limited, and Esso Exploration and Production Nigeria (Deepwater Ventures) Limited. ExxonMobil is advancing its larger goals in Nigeria. Exxon Mobil Corp. announced plans to invest $10 billion in offshore oil operations in September 2024 as part of a redoubled effort in Nigeria.

In three weeks, Drift, Hyperbridge, and KelpDAO were consecutively hacked, resulting in nearly $900 million in losses. Polygon's CEO wrote that the problem lies not with any single team, but with the "notary" style architecture shared by the entire industry—relying on one or two signers to stamp cro...

Major Upgrade on Web: 10+ Advanced Chart Styles for Deeper Market Insights

To deliver more powerful and professional analysis tools, WEEX has rolled out a major upgrade to its web trading charts—now supporting up to 14 advanced chart styles.

Morning Report | Aethir secures a $260 million enterprise contract with Axe Compute; New Fire Technology acquires Avenir Group's trading team; Polymarket's trading volume surpassed by Kalshi

Overview of Important Market Events on April 23

Why a Million-Follower Crypto KOL Chooses WEEX VIP?

Discover why top crypto KOL Carl Moon partnered with WEEX. Explore the WEEX VIP ecosystem, 1,000 BTC protection fund, and exclusive rewards for serious traders.

CoinEx Founder: The Crypto Endgame in My Eyes

The industry will not disappear, but it will shrink significantly.

Spark Coin (SPK): Explodes 73% as Aave Bleeds $15B, A Good Investment Now?

Spark coin (SPK) surged 73% as $15 billion fled Aave after the KelpDAO hack. This article explains what Spark is, why it’s pumping, and whether it is a good investment right now.

As Aave's building collapses, Spark's high-rise is rising

The growth of Spark's TVL is essentially a redistribution of existing capital in DeFi among protocols, rather than new capital entering the market. The "cake" of the entire industry has shrunk in the short term, and no one can remain unaffected.

RootData: Q1 2026 Cryptocurrency Exchange Transparency Research Report

In this report, Binance continues to rank first with the highest trading volume and wealth potential, while OKX has risen to second place as one of the few exchanges with an increase in trading volume this month.

What Is Memecoin Trading? A Beginner's Guide to How It Works, the Risks, and 2026's Hottest Tokens

Memecoins surged 30%+ at the start of 2026 while Bitcoin was flat. RAVE spiked 4,500% then crashed 90% in days. MAGA jumped 350% overnight. This guide explains exactly how memecoin trading works — and how to not blow up your account doing it.

Trump Extends Ceasefire: Bitcoin Hits $79K — What Crypto Traders Need to Know Right Now

Bitcoin surged past $79,000 after Trump extended the ceasefire indefinitely. We break down exactly what happened, how every major crypto reacted, and what traders should watch next — including the one level that could unlock an $85,000 BTC rally.