ExxonMobil discovers another 1 billion barrels of oil in Bayelsa

American oil giant,
ExxonMobil, has announced
the discovery of about 1
billion barrels of crude oil in a
Nigerian offshore oilfield.

In an emailed statement on
Thursday, the firm described
the development as “a
significant discovery with a
potential recoverable resource
of between 500 million and
one billion barrels”.
ExxonMobil said the discovery
came when its engineers
carried out a drilling exercise
at Owowo-3 oil well, several
miles of the coast of Bayelsa
State, southern Nigeria.
The exercise took place on
September 23 and the
engineers encountered about
460 feet (140 metres) of oil-
bearing sandstone reservoir.
The latest discovery followed
an earlier find at Owowo-2
well, which yielded about 515
feet (157 metres) of oil-bearing
sandstone reservoir.
“We are encouraged by the
results and will work with our
partners and the government
on future development plans,”
ExxonMobil President,
Stephen Greenlee, said in the
statement.
The Owowo field spans
portions of the contract areas
of Oil Prospecting Licence 223
and Oil Mining Licence 139.
The well was drilled by
ExxonMobil affiliate, Esso
Exploration and Production
Nigeria (Deepwater Ventures)
Limited, and proved
additional resource in deeper
reservoirs.
But the company warned that
the discovery and other future
activities around it are subject
to revisions.
“Statements of future events or
conditions in this release are forward-
looking statements.
“Actual future results, including project
plans and schedules and resource
recoveries could differ materially due to
changes in market conditions affecting
the oil and gas industry or long-term oil
and gas price levels; political or
regulatory developments; reservoir
performance; the outcome of future
exploration and development efforts,” it
said.
ExxonMobil holds 27 per cent joint
venture interest in Nigeria’s oil and is the
operator of the OPL 223 and OML 139.
Joint venture partners include Chevron
Nigeria Deepwater 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).
The announcement came days after
ExxonMobil sold its 60 per cent stake in
Mobil Oil Nigeria Plc to Nipco Plc.
The company said the Owowo-3 was
safely drilled to 10,410 feet (3,173 metres)
in 1,890 feet (576 metres) of water.

Source: Premium Times