Loading...

Author Topic: US Based Company ExxonMobil discovers one billion oil barrels in Nigeria  (Read 311 times)

0 Members and 1 Guest are viewing this topic.

Offline admin

  • Administrator
  • Hero Member
  • *****
  • Posts: 1213
    • View Profile

United States-based Exxon Mobil Corporation on Thursday said it had discovered up to one billion barrels of oil on the Owowo field offshore Nigeria.



The oil major said it was “a significant discovery with a potential recoverable resource of between 500 million and one billion barrels”.

It said the Owowo-3 well, which was spud on September 23, encountered about 460 feet (140 meters) of oil-bearing sandstone reservoir.

Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 515 feet (157 meters) of oil-bearing sandstone reservoir, ExxonMobil said in a statement on its website.

The President, ExxonMobil Exploration Company, Stephen Greenlee, said, “We are encouraged by the results and will work with our partners and the government on future development plans.”

The company said Owowo-3 was safely drilled to 10,410 feet (3,173 meters) in 1,890 feet (576 meters) of water.

The Owowo field spans portions of the contract areas of Oil Prospecting License 223 and Oil Mining License 139. The well was drilled by ExxonMobil affiliate Esso Exploration and Production Nigeria (Deepwater Ventures) Limited and proved additional resource in deeper reservoirs.

ExxonMobil holds 27 per cent interest and is the operator for OPL 223 and OML 139. Joint venture partners include Chevron Nigeria Deepwater G Limited (27 percent interest), Total E&P Nigeria Limited (18 per cent interest), Nexen Petroleum Deepwater Nigeria Limited (18 per cent interest), and the Nigeria Petroleum Development Company Limited (10 percent interest).

ExxonMobil, the largest publicly traded international oil and gas company, had last week announced the sale of its 60 per cent stake in Mobil Oil Nigeria Plc to Nipco Plc, signaling its exit from the Nigeria’s downstream oil and gas sub-sector.



 

United States builds wall at Nigeria-Niger border in move against Boko Haram

Started by mastercode

Replies: 0
Views: 246
Last post September 19, 2015, 12:02:07 PM
by mastercode
Port Harcourt, Warri refineries commence preliminary operations ? Nigeria NNPC

Started by mastercode

Replies: 0
Views: 404
Last post July 30, 2015, 03:04:31 AM
by mastercode
Dangote Group refinery vows to end crisis as Fuel scarcity looms in Nigeria

Started by newspostng

Replies: 0
Views: 316
Last post March 30, 2016, 08:34:05 PM
by newspostng
Nigeria Fuel scarcity-Kachikwu tells IPMAN ,Be patriotic,Nigerians are suffering

Started by internet police

Replies: 0
Views: 396
Last post April 01, 2016, 09:28:09 AM
by internet police
President Jonathan promise to connect 36 states to rail line in Nigeria

Started by mastercode

Replies: 0
Views: 526
Last post March 22, 2015, 03:47:09 PM
by mastercode
Aliko Dangote promises 24hr electricity project in Lagos Nigeria

Started by mastercode

Replies: 0
Views: 280
Last post June 13, 2015, 10:43:26 AM
by mastercode
President Buhari orders takeover of management of Nigeria?s airspace from Ghana

Started by admin

Replies: 0
Views: 227
Last post August 09, 2015, 12:28:31 PM
by admin
Nigerian VP Osinbajo jet out to London to sign Nigeria/UK solar energy agreement

Started by legendguru

Replies: 0
Views: 239
Last post October 23, 2015, 02:41:03 AM
by legendguru
Blame Goodluck Jonathan for current fuel scarcity in Nigeria? Lai Mohammed

Started by legendguru

Replies: 0
Views: 109
Last post December 21, 2015, 10:28:26 PM
by legendguru
OPEC exempts Nigeria Iran and Libya from reducing production output

Started by legendguru

Replies: 0
Views: 200
Last post October 02, 2016, 01:09:15 PM
by legendguru