Commodities

NNPC, ExxonMobil Collaborate on $1 Billion Deepwater Oil Boost

Guavy AI Editorial Team Published August 16, 2026

Instruments

Oil

The Nigerian National Petroleum Company Limited (NNPC) has strengthened its partnership with ExxonMobil to boost deepwater oil production in Nigeria.

A delegation from ExxonMobil, led by Jagir Baxi, met with NNPC's group chief executive officer, Engr. Bashir Bayo Ojulari, in Abuja to discuss ways to increase output from jointly held blocks and attract fresh investment into the offshore industry.

The meeting comes as work begins on the $1 billion Usan Infill Project in Oil Mining Lease 138, which is expected to add 40,000 barrels per day to national oil production when completed.

The project marks ExxonMobil's return to active drilling campaigns in Nigeria's deepwater sector after a multi-year hiatus and underscores NNPC's role as a strategic collaborator under production sharing arrangements.

NNPC, ExxonMobil Collaborate on $1 Billion Deepwater Oil Boost

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