American Exxon Mobil Corp. Together with its partners, it invests $1 billion in a project to develop the Usan field as part of the Oil Mining Lease 138 project offshore Nigeria. This is reported in a press release from ExxonMobil.
As part of the project, a subsidiary company Esso Exploration and Production Nigeria will expand its participation in the project with an additional production volume of 40,000 barrels of oil per day. At the moment, Esso is working on the OML 138 block together with the state-owned company NNPC. The joint venture partners are Chevron, TotalEnergies and Nexen, a subsidiary of China National Offshore Oil Corp.
From the point of view of the Nigerian regulator (NUPRC), investments are of great importance for the oil sector. Nigeria and reduce tensions in the global oil supply market by lowering oil prices and spreads. In total, NUPRC has issued 19 licenses to 12 companies for the development of deepwater deposits.
ExxonMobil and its partners produced the first oil at the Usan field in February 2012 at a depth of 2.4 thousand feet using an FPSO floating vessel and 42 underwater wells. At that time, the production capacity of the project was up to 180 thousand barrels per day. The development concept provided for the drilling of 23 production wells and 19 wells for pumping water and gas, which were connected to an FPSO with a capacity of 2 million barrels.
Exxon Mobil Corp. — one of the largest multinational oil and gas companies in the world by market capitalization ($400 billion). The company is engaged in the exploration, production, refining, and marketing of oil and natural gas, including the sale of lubricants under the Mobil brand and fuels under the Exxon, Mobil, and Esso brands. The main oil reserves are located in Asia and the USA, while natural gas reserves are located in the USA, Australia, Asia and Europe. The headquarters is located in Irving, Texas.
