This study advances the multidimensional concept of absorptive capacity (ACAP) by theorizing the individual and collective capabilities underpinning knowledge acquisition and utilization in joint project teams in Nigerian upstream oil industry. By assuming the lowest form of engagement as the joint project teams constituted by local employees and competent expatriate, this study demonstrates the relationship among the dimensions of ACAP. Survey was administered to local team members of joint project teams. The collected data (n=248) was analysed with the aid of structural equation modelling (SEM). As hypothesized, individual ability to recognize the value of partner knowledge was significantly related to their ability to assimilate the knowledge. The positive relationship between individual ability to assimilate knowledge and team shared cognition was supported. Furthermore, the individual ability to assimilate partner knowledge was found to be indirectly related to team ability to utilize the knowledge, through the team shared cognition.