ExxonMobil’s Nigerian subsidiaries, operating as Esso Exploration and Production Nigeria Limited, announced plans to invest about $1 billion in a new deepwater oil project at the Usan field. The development is expected to increase Nigeria’s oil output by 30,000 to 40,000 barrels per day, supporting the country’s target of reaching two million barrels daily by 2027.

Jagir Baxi, Chairman and Managing Director of ExxonMobil in Nigeria, revealed the plan during the Upstream Leadership Dialogue at the 2026 Nigeria International Energy Summit (NIES). He said attracting global investment requires projects that are economically strong, efficient, and compliant with clear regulations.

“Our goal is to make our Nigerian operations competitive enough to stand out within our global portfolio,” Baxi said. He added that while recent reforms have improved the investment climate, companies must now deliver projects that meet international standards.

The Usan field will also serve as a hub for developing nearby discovered oil resources, creating more value from Nigeria’s deepwater reserves. Beyond Usan, ExxonMobil is exploring other opportunities, including the Owowo and Bosi fields and its stake in the Bonga South West project.

Baxi emphasized that collaboration between government, regulators, and industry is crucial to remove obstacles that have delayed projects and discouraged investors. “With the right support, ExxonMobil is ready to bring global expertise and funding to Nigeria, boosting energy security and economic growth,” he said.

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.