- Esso plans to invest about $1 billion to unlock up to 40,000 barrels of oil per day from the Usan deepwater field.
- The investment will support Nigeria’s ambition to reach two million barrels per day in oil production by 2027.
Esso Exploration and Production Nigeria Limited, an affiliate of ExxonMobil, has announced plans to invest about $1 billion to unlock new crude oil production from Nigeria’s deepwater Usan field. The investment will deliver between 30,000 and 40,000 barrels per day of additional production capacity.
Chairman and Managing Director, Jagir Baxi, announced the plan during the Upstream Leadership Dialogue at the Nigeria International Energy Summit. He stated that the project will help Nigeria achieve its target of producing two million barrels of oil per day by 2027.
Meanwhile, the company designed the investment to improve reliability, operational performance, and cost efficiency across its Nigerian portfolio. Esso aims to strengthen the competitiveness of its Nigerian assets within ExxonMobil’s global investment portfolio.
Baxi explained that Esso is positioning the Usan deepwater field as a development hub for nearby discovered resources. The strategy will allow Esso and its partners to maximise existing infrastructure. It will also accelerate production from surrounding assets.
Furthermore, he noted that recent regulatory and policy reforms have improved the investment climate. However, operators, partners, and regulators must strengthen collaboration. This is necessary to convert reforms into bankable and fundable projects.
The company is prioritising deepwater and discovered assets. In these areas, ExxonMobil can apply its global technical expertise and financial strength. This enables the delivery of complex multi-billion-dollar projects.
Esso is also advancing growth opportunities across several assets. These include the Esso-operated Owowo and Bosi undeveloped fields. The company also holds interests in the Bonga South West project. Esso considers it a strong long-term production asset.
In addition, Baxi emphasised that with the right policy and commercial enablers, ExxonMobil is ready to deploy additional global capital into Nigeria. He added that these investments will support energy security, economic growth, and Nigeria’s broader energy transition objectives.
At the Nigeria International Energy Summit 2026, Esso Nigeria received the Upstream Operator of the Year award for 2025. The award recognises its operational performance and contribution to Nigeria’s upstream oil and gas sector.