ExxonMobil's Baxi: Nigeria's Deepwater Projects Need Competitiveness

During the Nigeria International Energy Summit in Abuja in 2026, Jagir Baxi, the Chairman and Managing Director of ExxonMobil Affiliates Nigeria, highlighted the importance of enhancing the competitiveness of Nigeria's deepwater projects to attract global capital investments. He noted that recent policy and regulatory reforms have established a solid foundation for operational partnerships and collaborations, which are essential for achieving bankable projects.

Baxi pointed out ExxonMobil's efforts to improve reliable performance and lower costs in Nigerian operations, enabling competitiveness for funding on a global scale. He cited the example of the deepwater Usan field, where the company is preparing to commit $1 billion to capture an additional 30,000 to 40,000 barrels of new production capacity.

This initiative is expected to contribute significantly towards Nigeria's vision of reaching 2 million barrels per day by 2027 and establishing the Usan hub to develop adjacent discovered resources.