ExxonMobil affiliates to commit $1bn on 40,000-barrel new production

ExxonMobil’s Nigerian affiliates, operating under Esso Exploration and Production Nigeria Limited, said it plans to commit about $1 billion to develop new deepwater production expected to deliver up to 40,000 barrels of oil per day, as part of efforts to boost Nigeria’s output and attract global investment capital. The investment, targeted at the Usan deepwater […]

ExxonMobil’s Nigerian affiliates, operating under Esso Exploration and Production Nigeria Limited, said it plans to commit about $1 billion to develop new deepwater production expected to deliver up to 40,000 barrels of oil per day, as part of efforts to boost Nigeria’s output and attract global investment capital.

The investment, targeted at the Usan deepwater field, will unlock between 30,000 and 40,000 barrels per day of additional production capacity and support the Federal Government’s ambition to raise national crude oil production to two million barrels per day by 2027.

Chairman and Managing Director of ExxonMobil affiliates in Nigeria, Jagir Baxi, disclosed this during the Upstream Leadership Dialogue Session at the Nigeria International Energy Summit (NIES) 2026, where he emphasised the need to make Nigerian energy projects more competitive to secure international funding.

According to Baxi, global capital has become increasingly selective, flowing only to projects that demonstrate strong economics, operational efficiency, and regulatory clarity.

“Our strategy is to improve the competitiveness of our business in Nigeria so it can compete within our global portfolio,” he said.

He explained that while recent policy and regulatory reforms have created a more enabling environment for investment, operators and partners must now translate these frameworks into bankable projects that can compete for funding within multinational portfolios.

Baxi noted that Esso has focused on improving reliability, reducing costs, and enhancing performance across its Nigerian operations to ensure they meet global investment benchmarks.

The Usan field development, he said, will not only increase production but also serve as a hub for the development of adjacent discovered resources, unlocking further value from Nigeria’s deepwater reserves.

Beyond Usan, he stated that ExxonMobil is also pursuing opportunities in other high-potential assets, including the Esso-operated Owowo and Bosi undeveloped fields, as well as its interests in the Bonga South West project.

He stressed that sustained collaboration among government, regulators, and industry stakeholders is critical to overcoming historical bottlenecks that have slowed project execution and discouraged investors.

“With the right enablers, ExxonMobil stands ready to bring its global expertise and investment capabilities to Nigeria to support energy security, economic growth, and the country’s energy transition goals,” Baxi added.

In recognition of its performance, Esso Nigeria was named the 2025 Upstream Operator of the Year at the NIES 2026 Gala Dinner and Awards Night.