Newsexpress place banner advert Yudala genuine products
ExxonMobil discovers one billion barrels of oil offshore Nigeria

By News Express on 28/10/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 1,034


Barely a week after it sold its downstream subsidiary in Nigeria, United States’ oil giant, ExxonMobil Corporation, has announced the discovery of up to one billion barrels of oil reserves in the Owowo field, offshore Nigeria.

The development is a boost to Nigeria’s efforts to increase her crude oil reserves from the current 36 billion barrels to 40 billion barrels target, which was set for 2010 but could not be achieved as a result of lack of investment in exploratory activities.

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

In a statement posted yesterday on its website, the Texas-based oil and gas company said the huge discovery has a potential recoverable resource of between 500 million and one billion barrels of oil.

The world’s largest publicly traded international oil and gas company stated that the Owowo-3 well, which was spud on September 23, 2016, encountered about 460 feet (140 metres) of oil-bearing sandstone reservoir.

According to the statement, the Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 515 feet (157 meters) of oil-bearing sandstone reservoir.

Commenting on the discovery, the President of 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 further added that the Owowo-3 was safely drilled to 10,410 feet (3,173 metres) in 1,890 feet (576 metres) of water.

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 (NPDC) Limited, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) (10 per cent interest).

ExxonMobil had recently announced the sale of its 60 per cent stake in Mobil Oil Nigeria Plc to NIPCO Plc, thus exiting from the Nigeria’s downstream oil and gas sub-sector.

Before the sale of its downstream subsidiary, the company had three affiliates operating in Nigeria: Mobil Producing Nigeria Unlimited (MPN); Esso Exploration and Production Nigeria Ltd. (EEPNL); and Mobil Oil Nigeria (MON).

•Sourced from THISDAY.

Source News Express

Posted 28/10/2016 08:06:15 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Customs dares Senate, insists on duty payment on...

I was sacked for refusing to abuse Saraki,...

Intersociety drags Enugu Electric before Electricity Commission, lists...

Recession looms as Nigeria’s GDP shrinks: Experts

El-Rufai inaugurates Transition Committee •Replies Gov. Yero

Nigerian church introduces anti-homosexuality oath for members (Plus:...

Gunmen kill 13 in Kaduna

FMBN enlists EFCC’s assistance to recover debts

Delta FRSC declares war on road traffic defaulters...

Abia to roll out integrated environmental programme •Commissioner...

Police parades suspected Kaduna killer gang members

Nigerian oil tycoon goes on trial for £12m...

 

Latest News Zinox slams N2bn defamation suit on Premium Times Weatherman predicts cloudy weather, thunderstorms and chances of rain showers today PDP to challenge result of Mashi/Dutsi federal constituency by-election Senate moves to battle cyber-crime in Nigeria DSS deceitfully obtained my detention warrant, Ifeanyi Ubah tells court FRSC rues Ambode’s comment on its activities in Lagos 6 simple tips to reduce your mobile data usage Nasarawa urges support for proposed Dangote Sugar Plantation Kaduna releases 2016 Audited Accounts Police bans use of siren by unauthorised persons in Abia Man threatens to kill witnesses in court Niger Delta youths blame leaders for problems

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (245,948 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (222,539 views) Shameless Genevieve Nnaji exposes breasts in public (184,402 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (165,207 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (158,078 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (138,132 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (120,619 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (118,083 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (106,056 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (102,511 views) Lagos plane crash: Journalist releases victims’ names (101,177 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (95,429 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,559) Business Verdict (16) Columnists (681) Complaints & Requests (89) Enterprise & Opportunities (151) Entertainment (320) Features (443) Global Business Monitor (151) International (1,375) Interviews (121) Live Commentary (28) Love Matters (54) News (24,637) Opinion (716) Pidgin (8) Politics (3,697) Religion (532) Sports (1,263) Stock Watch (18) AMA & Al Jazeera Global Update

 

Words on marble

 

UBA Wise Savers Promo

 

There is no water shortage in the State of Osun

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!