ExxonMobil Erha Project Generates $70 Billion Over Two Decades As Government Pushes For Gas Expansion

ExxonMobil reveals the Erha Deepwater project has generated $70bn over 20 years, as Nigeria’s Gas Minister urges the firm to expand domestic gas production.

By: AXL Media

Published: Apr 20, 2026, 5:57 AM EDT

Source: Information for this report was sourced from Business Hallmark

A Two-Decade Milestone In Nigeria’s Deepwater Sector

The Erha Deepwater project, a cornerstone of Nigeria's offshore energy production, has officially surpassed 800 million barrels of crude oil production since its inception. Jagir Baxi, the newly appointed Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, shared these figures during a courtesy visit to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja. Baxi noted that the project's cumulative value of $70 billion underscores its role as a massive revenue driver, particularly through the $23 billion in taxes, royalties, and fees paid to the Nigerian government.

Minister Calls For Strategic Shift Toward Gas

While celebrating the 20-year production record at the Erha Floating Production Storage and Offloading (FPSO) facility, Minister Ekperikpe Ekpo challenged the multinational to evolve its strategy. He emphasized that as Nigeria seeks to diversify its energy revenues and transition toward cleaner fuels, ExxonMobil must integrate gas development more aggressively into its offshore activities. The Minister urged the company to boost domestic gas utilization to support local industry while simultaneously expanding export capacities to maximize national income under the framework of the Petroleum Industry Act.

Local Content Success And Technical Excellence

The Erha project has become a benchmark for the Nigerian Content Development and Monitoring Board (NCDMB) standards. According to ExxonMobil leadership, over 95 percent of the Erha workforce are Nigerians, many of whom have developed specialized deepwater expertise that was previously rare in the local labor market. Minister Ekpo praised this high level of local participation, noting that the project's longevity—maintained in a technically challenging offshore environment—proves that Nigerian professionals can sustain world-class safety and operational discipline over a long-term horizon.