ExxonMobil and partners commit $1 billion to Nigeria's Usan Infill Project

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Summary · why it matters

ExxonMobil and its partners have committed $1 billion to the Usan Infill Project, an offshore oil and gas development in Nigeria. The Nigerian Upstream Petroleum Regulatory Commission said the investment marks ExxonMobil's return to exploration and production in the country through its subsidiary Esso Exploration and Production Nigeria, with the last drilling activity by the company in Nigeria occurring in 2016. The project is expected to boost oil and gas production by 40,000 barrels per day from the Usan field, which lies in Oil Mining Lease 138 under a production sharing contract with the Nigerian National Petroleum Company. Other partners include Chevron, TotalEnergies, and Nexen, a subsidiary of CNOOC. The Usan field, discovered in 2002 and producing since 2012, involves a floating production, storage and offloading unit and 42 subsea wells at depths of 2,400 meters, with the infill project anticipated to begin production within 18 months.

Impact on stocks 8

Energy▲ · 4 stocks
Chevron Corp
CVX
▲ PositiveSupplyrelevance

Chevron is a partner in the Usan Infill Project, which will increase production by 40,000 bpd.

TotalEnergies SE
TTE
▲ PositiveSupplyrelevance

TotalEnergies is a partner in the Usan Infill Project, benefiting from higher output.

Energy Transition & Power Demand▲ · 2 stocks
Exxon Mobil Corp
XOM
▲ PositiveSupplyrelevance

ExxonMobil leads the $1 billion Usan Infill Project, boosting its Nigeria production by 40,000 bpd.

Consumer Discretionary▲ · 1 stocks
Others▲ · 1 stocks
CNOOC Limited
600938
▲ PositiveSupplyrelevance

CNOOC's subsidiary Nexen is a partner in the project, contributing to increased production.

Off-coverage companies 1

Nigeria National Petroleum Company Limited (NNPC Ltd)Private± Mixed
relevance

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