ExxonMobil discovers one billion oil barrels in Nigeria

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.

Comments

Post a Comment

Popular posts from this blog

Tight security as Abia council polls hold today

Image
The Commissioner of Police in Abia State, Mr. Adeleye Oyebade, has said the State Police command will provide adequate security across the seventeen local government areas of the State to ensure a smooth conduct of the local government election today. He stated that the Nigerian constitution guarantees that there must be adequate security during elections at the local councils because the people at the grassroots were involved. Oyebade who spoke during a press conference with senior Police officers in Umuahia, the State Capital, pointed out that the command had mapped out its operational plans to secure the State during and after the election. He explained that leaders of various political parties in the State have been briefed regarding the conduct of their candidates and the electorate on the election day. He said, “Every credible election must be well planned, because proper planning prevents poor performance. So those of us that are stakeholders in the State h
Read more

Confusion As ‘Cross Of Jesus’ Is Sighted In Nasarawa Mosque

Image
Residents of Assakio Development Area in Lafia, Nasarawa State were thrown into confusion on Saturday following the sudden appearance of a strange cross five feet away from a central mosque in the community. The mysterious sighting attracted a mammoth crowd from Assakio and its environs with many praying for forgiveness and blessings. Our correspondent observed that the illuminated cross was projected on to the ground. A 15 year-old-girl, Hajara Hussaini, in an interview with SUNDAY PUNCH, said she first sighted the sign of a cross at about 8pm on Wednesday. Hussaini, who said she had been sent on an errand by her parents, explained that when she saw a strange light, she as gripped by fear and rushed back home to alert her mother, Matan Liman. Confirming the incident to journalists, Matan said she had sent her daughter to visit her grandmother. The middle-aged woman added that her daughter saw the crucifix while returning from the errand. The Chief Imam of Assakio
Read more

Investors stranded as MMM reopens

Image
Mavrodi Mondial Moneybox, a Ponzi scheme known simply as MMM, on Friday opened for business after one month of break, but investors in the scheme have remained stranded as they still cannot access their funds. MMM had announced the resumption on its Twitter handle, saying it was “now open” even though it had initially promised to reopen today, Saturday, January 14. In the message, the scheme’s founder, Sergey Mavrodi, said because of the likely deluge of requests from participants, payments would be gradual and have limits. He also said it would prioritise payments to participants with small amounts, which were not specified, and that big investors would have to wait longer. “Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the system operation will return to normal. “We’re the ones setting limits, so it’s completely under our control, and we are not expecting any emergencies in principle. Have no fear and go on
Read more