By October 27, 2016 0 Comments Read More →

ExxonMobil announces significant oil discovery offshore Nigeria

ExxonMobil

A sign is seen in front of the Exxonmobil Baton Rouge Refinery in Baton Rouge, Louisiana, November 6, 2015. REUTERS/Lee Celano

ExxonMobil holds 27% interest and is the operator for OPL 223 and OML 139

IRVING, Texas – Exxon Mobil Corporation announced a significant discovery with a potential recoverable resource of between 500 million and 1 billion barrels of oil on the Owowo field offshore Nigeria.

The Owowo-3 well, which was spud on Sept. 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.

The discovery comes at a turbulent time in Nigeria. Since Jan., a rebel group known as the Niger Delta Avengers have been wrecking havoc on oil and gas pipelines and installations in targeted attacks. Several times they have had ceasefires, with the latest ending Tuesday, according to CNBC.

There is also an investigation, into a $17 billion dollar Nigerian oil theft by the last government administration. House of Representatives member Johnson Agbonayinma filed a motion saying it was “urgent need to investigate the over $17 billion stolen from undeclared crude oil and liquefied natural gas exports to global destinations”.

This investigation may include ExxonMobil, a major oil player in Nigeria.

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

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 (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.

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 per cent 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 per cent interest).

ExxonMobil

Ph: 432-978-5096 Website: www.mapleleafmarketinginc.com

Posted in: Energy Financial

Post a Comment