<< Back             Poser >> ExxonMobil targets $1.5 billion deepwater investment in Nigeria ExxonMobil is raring to complete the process that will formalise a new $1.5 billion deepwater investment in Nigeria, and so has arranged for a final investment decision (FID) to be made at most by September. The financial commitment to the project, to be developed in the Usan deepwater oilfield to the east of the Niger Delta, will run from the second quarter of the year through 2027 as oil majors operating in Nigeria continue to drift offshore after offloading onshore assets. ExxonMobil, which completed sale of its onshore and shallow water business to Seplat for $1.3 billion last year, already has a 30 per cent interest in the field. It holds the stake through an affiliate, Esso Exploration and Production Nigeria (Offshore East). “The company proposed FID in late Q3 2025 subject to final Field Development Plan approval as well as internal and Partner funding approvals,” the Nigerian Upstream Regulatory Commission said in a Facebook post late Tuesday. Powered by pixfuture “This is in addition to investment targeted at the accelerated development of the Owowo, Erha deepwater oil fields, amongst others,” it added, citing talks by Shane Harris, Exxon Mobil Nigeria’s CEO, with Gbenga Komolafe the regulator’s chief. Texas-based ExxonMobil is taking its chance at 10 strategic projects this year to help boost earnings by more than $3 billion in 2016 after Q1 net profit slid by 6.2 per cent year on year. Audience Feedback Survey Seeking out exploration and drilling opportunities to expand income streams is now an urgency for the supermajor as the global oil industry reels from the turmoil of a volatile market grappling with a supply build-up and shocks from Donald Trump’s tariff war. Premium Times	Why many Nigerians choose non-interest banking – Summit Bank CEO In this interview with Emeka Anaeto, Business Editor of Vanguard Newspaper, the Managing Director of Summit Bank Limited, Dr. Sirajo Salisu, gave insight into the operations in the sub-sector Ghana economy continues stronger performance – GSS Ghana’s economy continues to show strong performance with economic activities growing by 3.8 per cent year-on-year in October 2025, propelled largely by the services sector, says the Ghana Statistical Service (GSS). Nigeria exits EU high-risk list, boosts investor confidence – Edun Nigeria’s exit from the European Union’s high-risk third-country list is a major boost for investor confidence, the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, has said, as the government moves to prioritise affordable food, housing, and job creation in the next phase of reforms. Truckers warn Lagos extortion crippling port logistics, petition Presidency By Godwin Oritse The Council of Maritime Transport Unions and Associations (COMTUA), owners of articulated trucks on Nigerian roads, has petitioned President Bola Tinubu over what it described as the failure of the Lagos State government to protect truckers and other road users from widespread extortion, harassment and intimidation by organized street urchins. In a petition […] FG threatens to withdraw licenses of dormant oil blocks By Udeme Akpan & Sebastine Obasi The Federal Government is set to revoke the licenses of some oil blocks in the country over delays in development of the oil blocks by the license holders. Confirming this yesterday at the Licensing Round Pre-bid Conference in Lagos, Minister of State, Petroleum Resources, Heineken Lokpobiri, added that there will be […] NGX confirms listing of 3.16billion UBA shares The Nigerian Exchange Limited (NGX) has admitted an additional 3.16 billion ordinary shares of United Bank for  Africa (UBA) Plc, to its Daily Official List, signalling a major enhancement of the bank’s market capitalisation whilst also deepening liquidity on the capital market. The NGX noted this in a confirmatory letter to the bank, dated January 12, […]