ExxonMobil and its partners will invest $1 billion in the Usan ​Infill Project offshore Nigeria, a development expected ‌to add 40,000 barrels per day (bpd) of oil production, Nigeria's upstream regulator said on Wednesday.

The Nigerian Upstream ​Petroleum Regulatory Commission (NUPRC) said the investment ​marks a return to drilling activity by ⁠ExxonMobil affiliate Esso Exploration and Production Nigeria ​in the country, with the company's last drilling ​operation dating back to 2016.

• ExxonMobil's Nigerian affiliate, Esso Exploration and Production Nigeria, operates OML 138, which contains ​the Usan field under a production-sharing contract ​with NNPC Ltd.
• ExxonMobil Nigeria Managing Director Jagir Baxi confirmed the ‌investment ⁠commitment at an oil conference in Abuja.
• NUPRC Chief Executive Oritsemyiwa Eyesan said the Usan project is expected to deliver first production within ​18 months ​after seismic ⁠data identified the investment opportunity.
• Nigeria is seeking to attract new upstream ​investment and raise crude oil production ​through ⁠development of offshore and onshore assets.
• Separately, NUPRC presented 19 prospecting licences across deepwater, shallow-water and continental ⁠shelf ​acreage to successful bidders ​from the 2022/2023 Mini Bid Round and the 2024 Licensing ​Round.