Nigeria’s oil regulator stated that ExxonMobil will invest $1.5 billion in developing its deepwater operations in the country, Reuters reported.

The company will pump this amount of money, during the period between the second quarter (Q2) 2025 through 2027, in developing the Usan deepwater oilfield, located on the key offshore block OML 138 in the eastern Niger Delta.

According to Reuters, ExxonMobil is expected to reach the final investment decision (FID) on the Usan project in late Q3 2025 as the project is pending approval of the Field Development Plan and the securing of necessary internal and partner funding.