Esso Urges Stronger Project Competitiveness to Unlock Global Energy Investments
Esso Exploration and Production Nigeria Limited (an ExxonMobil affiliate) has emphasized the need for stronger collaboration among stakeholders to improve the competitiveness of Nigeria’s oil and gas projects in order to attract global investment capital.
Speaking during the Upstream Leadership Dialogue at the Nigeria International Energy Summit (NIES) 2026, the Chairman and Managing Director of ExxonMobil affiliates in Nigeria, Jagir Baxi, stressed that Nigeria’s deepwater projects must achieve global cost and performance competitiveness to secure funding in an increasingly competitive international investment environment.
Baxi explained that ExxonMobil’s strategic focus is on strengthening the competitiveness of its Nigerian operations so they can successfully compete for capital within the company’s global investment portfolio. While acknowledging that recent regulatory and policy reforms have created a supportive operating framework, he noted that industry operators and partners must now work together to translate these reforms into clearly defined, bankable projects capable of attracting financing.
He highlighted ongoing efforts by Esso to improve operational reliability, boost performance, and reduce costs across its Nigerian assets. According to him, these improvements position the company’s projects more favorably in global capital allocation decisions. As part of this strategy, the company and its partners are preparing to invest about $1 billion in the deepwater Usan field to unlock an additional 30,000 to 40,000 barrels per day of production. The development is expected to contribute to Nigeria’s target of reaching 2 million barrels of oil production per day by 2027, while transforming the Usan field into a development hub for nearby discovered resources.
Baxi noted that Esso remains focused on maximizing value from its producing deepwater assets, as well as advancing discovered but undeveloped resources by leveraging ExxonMobil’s global technical expertise and project execution capabilities. With the right enabling environment, he said, the company is positioned to deliver large-scale projects that will support Nigeria’s energy security, economic growth, and broader energy transition objectives.
He also pointed to emerging opportunities in Esso-operated fields such as Owowo and Bosi, along with the company’s interests in the Bonga South West development, describing them as high-value assets that could drive future growth. According to him, sustained collaboration among government, regulators, and industry players will be essential to overcoming longstanding challenges and accelerating the development of new deepwater resources.
In recognition of its contributions to the upstream sector, Esso Nigeria was named Upstream Operator of the Year 2025 at the NIES 2026 Gala Dinner and Awards Night.
