ExxonMobil, a leading American oil and gas giant, has emphasized the need for cutting-edge technology and integrated workflows to unlock substantial value from Nigeria's deepwater producing fields, undeveloped discoveries, and yet-to-find resources. According to Nathan Harts, Subsurface General Manager at Esso Exploration and Production Nigeria Limited, ExxonMobil's Nigerian affiliate, this approach is crucial for cost-effective development of the country's resources.
Harts made these remarks at the Technical/Business Meeting of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, where the theme was "From Seismic to Value: Leveraging Seismic Inversion & Forward Seismic Modeling in Geomodeling to Enable Field Development." ExxonMobil's approach involves deploying integration, cross-discipline behaviors, and advanced technologies to develop its Nigeria portfolio efficiently. The company remains committed to applying these strategies to unlock value from Nigeria's resources.
ExxonMobil's drive for integrated workflows and cutting-edge technology aligns with its sharpened deepwater focus, following its $1.28 billion onshore and shallow-water exit to Seplat in 2024. The company has since targeted capital towards offshore projects. A notable example is the $1 billion Final Investment Decision (FID) commitment focused on revitalizing the Usan deepwater field, where ExxonMobil holds a 30 percent stake via Esso Exploration and Production Nigeria (Offshore East).
The company is working with its partners to progress other deepwater assets towards FID. According to Harts, developing Nigeria's resources requires industry knowledge sharing. He appreciated NAPE for organizing meetings that facilitate knowledge transfer within the industry, which is essential for developing Nigeria's resources.
ExxonMobil's commitment to knowledge sharing and collaboration was further emphasized by Harts, who expressed gratitude to Michael McGlashan, the paper presenter, for his time and commitment to sharing knowledge with NAPE. As a sponsor of the event, ExxonMobil supports initiatives that promote cross-industry collaboration, knowledge sharing, and professional development.
ExxonMobil's approach to developing Nigeria's deepwater resources involves challenging itself to adopt cutting-edge technology and integrated workflows. The company believes this will unlock substantial value from currently producing resources, those yet to be developed, and those yet to be discovered. By applying these strategies, ExxonMobil aims to cost-effectively develop Nigeria's resources.
The company's focus on deepwater development is driven by its recognition of the significant potential in Nigeria's offshore fields. With its advanced technologies and integrated workflows, ExxonMobil is well-positioned to unlock the value of these resources. The company's commitment to knowledge sharing and collaboration with industry partners will be crucial in achieving this goal.
Key points
- ExxonMobil commits $1 billion to revitalize Usan deepwater field.
- Company targets capital towards offshore projects after onshore exit.
- ExxonMobil emphasizes need for industry knowledge sharing to develop Nigeria's resources.
