ExxonMobil affiliate, Esso, calls for competitive reforms to unlock Nigeria's deepwater investment

The Chairman and Managing Director of ExxonMobil’s affiliates in Nigeria, Jagir Baxi, has emphasized the urgent need to enhance the competitiveness of Nigerian deepwater projects to attract essential global capital.

Speaking at the Nigeria International Energy Summit (NIES) 2026, Baxi stated that for Nigeria to achieve its production goals, its projects must be able to compete within global investment portfolios. He cited the planned $1 billion investment in the deepwater Usan field as an example, which aims to add 30,000 to 40,000 barrels of new daily production and act as a hub for nearby resources.

Baxi acknowledged that recent government reforms provide a solid foundation but stressed that operators and partners must now collaborate to turn these policies into bankable projects. He detailed Esso’s focus on improving operational reliability and lowering costs in Nigeria to successfully compete for global funding from its parent company, ExxonMobil.

“With the right enablers, ExxonMobil stands ready to bring its global expertise and investment capabilities to Nigeria,” Baxi stated, highlighting the company’s commitment to supporting the country’s energy security and economic growth.

He noted that these efforts are already fostering renewed partnerships aimed at unlocking major undeveloped fields like Owowo and Bosi, as well as the significant Bonga South West project. Baxi concluded by stressing that continued collaboration is vital to accelerate deepwater development beyond historical barriers.

Esso Nigeria’s work was recognized at the summit, where it was named the 2025 Upstream Operator of the Year.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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