ExxonMobil announced a significant oil discovery with potential recoverable resources of between 500 million and 1 billion barrels of oil.
The discovery is located in the Owowo field, offshore Nigeria, the company informed in a statement.
“We are encouraged by the results and will work with our partners and the government on future development plans,” ExxonMobil Exploration Company President, Stephen M. Greenlee, said.
ExxonMobil Finds 1 Billion Oil Barrels Offshore Nigeria
The oil well – Owowo-3 – was drilled on September 23. According to the company’s statement, it encountered approximately 460 feet of oil-bearing sandstone reservoir.
With this recent discovery, ExxonMobil is expected to extend the resources discovered in the area after having drilled the Owowo-2 well.
ExxonMobil also owns a stake in the Usan FPSO, operating offshore Nigeria
In the latter, the company encountered approximately 515 feet of oil-bearing sandstone reservoir.
According to the supermajor, the Owowo-3 well was safely drilled to 10,410 feet in 1,890 feet of water.
The well was drilled by an affiliate of ExxonMobil – Esso Exploration and Production Nigeria – and proved additional resources in deeper reservoirs.
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As well as this, the Owowo field spans portions of the contract areas of the oil prospecting licence OPL 223 and the oil mining licence OML 138.
ExxonMobil holds a 27% stake and is the operator of the OML and OPL licences.
Its joint venture (JV) partners include Chevron Nigeria Deepwater G Limited (27%), Total E&P Nigeria Limited (18%), Nexen Petroleum Deepwater Nigeria Limited (18%) and the Nigeria Petroleum Development Company Limited (10%).
The field was discovered in December 2009, having reached a total depth of 7,306 feet with several oil bearing reservoirs containing light oil.
ExxonMobil has three affiliates operating in the West African country, namely Mobil Producing Nigeria, Esso Exploration and Production Nigeria and Mobil Oil Nigeria, involved in oil and gas exploration and production, oil products and transportation.