KEY POINTS
- ExxonMobil wants more value from Nigeria’s deepwater resources.
- Company commits $1bn to revitalise Usan deepwater field.
- Advanced technology will support future field development.
ExxonMobil is seeking to unlock more value from Nigeria’s deepwater oil and gas resources through advanced technology, integrated workflows and stronger collaboration across the industry.
The American energy company said Nigeria still holds significant potential across producing fields, undeveloped discoveries and resources that have yet to be discovered, but accessing that value will require more sophisticated technical approaches.
Nathan Harts, Subsurface General Manager at Esso Exploration and Production Nigeria Limited, ExxonMobil’s Nigerian affiliate, made the remarks at a Technical/Business Meeting of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
Harts said ExxonMobil is continuing to use advanced technologies, cross-disciplinary collaboration and integrated workflows to develop its Nigerian portfolio more efficiently.
The meeting focused on the theme, “From Seismic to Value: Leveraging Seismic Inversion & Forward Seismic Modeling in Geomodeling to Enable Field Development.”
The discussion centred on how seismic data and advanced subsurface modelling can improve understanding of underground formations and support better decisions on field development.
According to Harts, the company believes successful resource development requires oil and gas operators to continually adopt new technologies and integrate expertise across different technical disciplines.
He said these approaches would help ExxonMobil develop existing producing assets, bring undeveloped discoveries into production and identify additional opportunities from resources that have yet to be discovered.
ExxonMobil sharpens focus on deepwater
The renewed emphasis on deepwater development follows ExxonMobil’s exit from its Nigerian onshore and shallow-water operations.
In 2024, the company completed a $1.28 billion sale of its Nigerian onshore and shallow-water assets to Seplat Energy, allowing ExxonMobil to concentrate more of its Nigerian investment on offshore opportunities.
The company has since increased its focus on deepwater projects as part of efforts to develop its remaining portfolio.
In July, ExxonMobil announced a $1 billion Final Investment Decision commitment aimed at revitalising the Usan deepwater field.
ExxonMobil holds a 30 per cent interest in the Usan field through Esso Exploration and Production Nigeria Offshore East.
The investment is expected to support further development of the field and reinforce the company’s longer-term commitment to Nigeria’s deepwater sector. Beyond Usan, ExxonMobil is working with its partners to advance other deepwater assets towards Final Investment Decisions.
Moving projects from discovery or appraisal stages to development requires detailed geological and seismic information, technical studies, significant capital and careful assessment of commercial viability.
The company’s emphasis on integrated workflows is therefore intended to bring different areas of expertise together when evaluating and developing these assets.
The approach could help improve project economics, manage development costs and increase the chances of bringing commercially viable resources into production. Harts also stressed the importance of knowledge sharing within Nigeria’s petroleum industry.
He commended NAPE for organising technical meetings that provide professionals with opportunities to exchange ideas and transfer knowledge.
According to him, collaboration across the industry is necessary to help Nigeria maximise the resources available in the country.
He also expressed ExxonMobil’s appreciation to Michael McGlashan, the presenter at the session, for contributing technical knowledge to the gathering.
Harts said ExxonMobil was proud to support initiatives that promote cross-industry collaboration, professional development and knowledge sharing.
