Esso, partners commit $1bn to unlock 40,000 barrels of oil

Esso (ExxonMobil affiliates in Nigeria) and its partners are committing $1 billion to capture 30,000 to 40,000 barrels of new production capacity at the deepwater Usan field.

Chairman and Managing Director of ExxonMobil affiliates in Nigeria, Jagir Baxi, stated this at the Nigeria International Energy Summit (NIES), Upstream Leadership Dialogue Session.

Baxi explained that the new production capacity, will contribute meaningfully towards the national vision of 2 million barrels per day by 2027, and establish Usan as a hub for the development of adjacent discovered resources.

He, however, called for collaborative steps to enhance the competitiveness of Nigerian projects to attract global capital and investment.

Baxi emphasised the need for Nigeria’s Deepwater projects to be globally competitive in order 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,”

He noted that recent policy and regulatory reforms have laid a solid foundation, and it is now up to operators and partners to collaborate and turn these frameworks into project-specific definitions that can achieve bankable projects.

He highlighted Esso’s efforts to improve reliability, performance, and lower cost of its Nigerian operations, enabling it to compete for funding globally.