Esso Nigeria starts $1 billion Usan infill project to add 40,000 bpd to Nigeria’s crude output
AI Market Summary
ExxonMobil's Esso Nigeria has begun a $1B Usan Infill Project targeting an incremental ~40,000 bpd, with first oil expected in ~6 months and peak output within 18 months. Fast-tracked approvals and partner funding raise execution confidence, signaling near-term Nigerian supply growth. The news marginally eases global crude supply tightness at the margin, adding downside pressure to oil-sensitive pricing and spreads.
Impact level
● Medium
Affected assets
NCCO1OILWTI2USD/USDT+2.46%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▼ Bearish
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ExxonMobil’s Nigerian affiliate, Esso Nigeria, said it has started on-block execution of its $1 billion Usan Infill Project, aimed at lifting the country’s crude output by about 40,000 barrels per day. The deepwater development at the Usan field in OML 138 is expected to deliver first oil within about six months, with peak production targeted within 18 months, according to Esso Nigeria. The company said the project has received timely regulatory approvals under an accelerated process, with first revenues expected before the end of this year.
