NUPRC Commends ExxonMobil’s $1bn Usan Project Investment, Awards New Petroleum Prospecting Licences
NUPRC Commends ExxonMobil's $1bn Usan Project Investment, Awards New Petroleum Prospecting Licences
NUPRC Commends ExxonMobil’s $1bn Usan Project Investment, Awards New Petroleum Prospecting Licences
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commended ExxonMobil and its joint venture partners for committing $1 billion to the Usan Infill Project in Oil Mining Lease (OML) 138, describing the investment as a major boost to Nigeria’s upstream petroleum sector.
The Commission Chief Executive, Mrs. Oritsemyiwa Eyesan, gave the commendation during the 25th NOG Energy Week Conference and Exhibition held on Wednesday in Abuja.
Earlier, the Managing Director of ExxonMobil affiliates in Nigeria, Jagir Baxi, announced the investment, noting that the project is expected to increase crude oil production by about 40,000 barrels per day.
Responding, Eyesan described the announcement as a significant milestone for Nigeria’s oil and gas industry, particularly because Esso Exploration and Production Nigeria Limited, ExxonMobil’s Nigerian affiliate, has not undertaken any drilling activity since 2016.
She expressed confidence that the renewed investment would support the Federal Government’s drive to increase crude oil production, attract fresh capital into the sector and strengthen Nigeria’s energy security.
Esso Exploration and Production Nigeria operates OML 138, which contains the Usan Field, under a Production Sharing Contract with NNPC Limited. Other partners in the block include Chevron Nigeria Limited, TotalEnergies and Nexen, a wholly owned subsidiary of CNOOC.
Meanwhile, the Commission also presented Petroleum Prospecting Licences (PPLs) to successful companies that emerged from the 2022/2023 Mini Bid Round and the 2024 Nigeria Licensing Round.
Among the companies that received licences were Broron Energy Limited (PPL 2009), Petroli Energy Marketing and Supply Limited (PPL 269), Sahara Deepwater Resources Limited (PPLs 270 and 271), and Tulcan Energy E&P Company (PPL 2008).
According to the Commission, the licensing exercise covered 12 successful awardees across 19 Petroleum Prospecting Licences, spanning deep offshore, shallow water and continental shelf acreages.
NUPRC said the awards reflect Nigeria’s commitment to creating a competitive investment environment, expanding exploration activities and unlocking the country’s vast hydrocarbon resources to drive economic growth and energy development.
NUPRC Commends ExxonMobil’s $1bn Usan Project Investment, Awards New Petroleum Prospecting Licences
