LAGOS, May 7 (Reuters) - Energy giant ExxonMobil ( XOM )

is set to inject $1.5 billion into the development of its

deepwater operations in Nigeria, the country's oil regulator

said on Wednesday.

The planned capital deployment, spanning from the second

quarter of 2025 to 2027, will primarily focus on revitalising

production at the Usan deepwater oilfield, located on the key

offshore block OML 138 in the eastern Niger Delta, approximately

70 kilometres (43.5 miles) offshore.

The Usan field, discovered in 2002 and granted development

approval in 2008, commenced production in 2012 and currently

comprises around 34 subsea production and injection wells

connected to eight subsea manifolds.

ExxonMobil ( XOM ) anticipates reaching a final investment decision

(FID) on the Usan project in late Q3 2025. This decision is

contingent upon the approval of the Field Development Plan and

the securing of necessary internal and partner funding.

During a meeting on Tuesday with Gbenga Komolafe, head of

the Nigerian Upstream Petroleum Regulatory Commission (NUPRC),

ExxonMobil's ( XOM ) Managing Director in Nigeria, Shane Harris, stated

that this $1.5 billion commitment is in addition to other

planned investments aimed at developing further deepwater

assets, including the Owowo and Erha fields.

Komolafe welcomed the significant investment, noting that it

aligns with the NUPRC's ambition to boost Nigeria's crude oil

production to 2.4 million barrels per day by next year under its

"Project 1 Million Barrels" initiative.