Esso (ExxonMobil affiliates in Nigeria) has called for collaborative steps to enhance the competitiveness of Nigerian projects in order to attract global capital and investment.
According to a statement on Thursday, the Chairman and Managing Director of ExxonMobil affiliates in Nigeria, Jagir Baxi, spoke at the Upstream Leadership Dialogue Session during the Nigeria International Energy Summit (NIES) 2026.
He emphasised the need for Nigeria’s deepwater projects to be globally competitive to attract the necessary investment.
“Our strategy is to improve the competitiveness of our business in Nigeria so it can compete within our global portfolio,” Baxi stated.
He noted that recent policy and regulatory reforms have laid a solid foundation and that it is now up to operators and partners to collaborate and turn these frameworks into project-specific definitions that can deliver bankable projects.
Baxi highlighted Esso’s efforts to improve reliability and performance while lowering the cost of its Nigerian operations, enabling it to compete for funding globally.
He cited the example of the deepwater Usan field, where the company and its partners are preparing to commit $1 billion to capture 30,000 to 40,000 barrels of new production capacity. This, he said, will contribute meaningfully to the national vision of 2 million barrels per day by 2027 and establish Usan as a hub for the development of adjacent discovered resources.
The company is laser-focused on producing deepwater assets as well as discovered resources that can leverage the global strengths and capabilities of its parent company, ExxonMobil, to deliver multi-billion-dollar projects with industry-leading global performance.
Baxi stated that with the right enablers in place, ExxonMobil stands ready to bring its global expertise and investment capabilities to Nigeria, supporting the country’s energy security, economic growth, and energy transition goals.
According to the statement, the company’s initiatives have led to renewed partnerships and a commitment to co-create solutions that will unlock opportunities such as the Esso-operated Owowo and Bosi undeveloped fields, as well as support Esso interests in Bonga South West, which hold significant value.
Baxi also stressed the need for continued collaboration among key stakeholders to not only overcome historical barriers but also accelerate the development of new deepwater resources.
“Esso Nigeria was recognised as the 2025 Upstream Operator of the Year at the NIES 2026 Gala Dinner and Awards Night.
“ExxonMobil affiliates operate five deepwater blocks in Nigeria. The ExxonMobil affiliates in Nigeria with producing assets are Esso Exploration and Production Nigeria Limited (EEPNL) and Esso Exploration and Production Nigeria (Offshore East) Limited (EEPNOEL).
EEPNL is the operator of the Erha deepwater oil and gas development.
The companies have a notable history, proven experience, and a strong record of contributions to Nigeria’s development,” the statement added.
