ExxonMobil Discovers One Billion Barrel Of Oil Offshore

Oil exploration company, Exxon Mobil Corporation, said it has made a significant discovery of between 500 million and 1 billion barrels of oil on the Owowo field offshore Nigeria.

The firm is the operator of the project (OPL 223 and OML 139) and owns 27 percent stake. Other joint venture partners include Chevron Nigeria Deepwater (27% interest), Total E&P Nigeria and Nexen Petroleum Deepwater Nigeria (18 percent interest), and the Nigeria Petroleum Development Company Limited (10%).

ExxonMobil, the largest publicly traded international oil and gas company, in a statement on Thursday, October 27, said that the Owowo-3 well had a 460-foot column of oil-soaked rock. The well is 10,410 feet deep.

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

The Owowo field spans portions of the contract areas of Oil Prospecting License 223 (OPL 223) and Oil Mining License 139 (OML 139).

The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Nigeria (Deepwater Ventures) Limited and proved additional resource in deeper reservoirs.


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