ExxonMobil JV Finds Rich Gas Condensate Offshore Nigeria

IBADAN (Dow Jones Newswires), Nov. 1, 2010

Mobil Producing Nigeria Unlimited, or MPN, a joint venture between Exxon Mobil and Nigerian National Petroleum, has discovered rich gas condensate in Oil Mining License 104, some 75 kilometers offshore the country's Akwa Ibom state.

Nigel Cookey-Gam, an ExxonMobil spokesman, told Dow Jones Newswires the company is awaiting results of further tests before it reveals volumes at the discovery.

The Pegi-1 discovery well was drilled in 96 meters of water to a depth of 3,477 meters beneath the Awawa Field, according to a company statement. Analysis of recovered samples indicated an API gravity of approximately 41 degrees, it said.

MPN said significant additional potential remains in untested deeper targets within the block and in adjacent blocks.

The Pegi discovery is part of an MPN program to increase oil and gas reserves and production capacity and to supply power and natural gas to the growing Nigerian domestic market.

"We are focused on developing oil and gas reserves and supplying natural gas that will boost commercial power production in line with the federal government's aspiration," said Mark Ward, chairman and managing director of MPN.

Nigeria has announced plans to generate more power using its abundant natural gas resources, and earlier this year announced a new gas pricing regime to encourage international oil companies to find and produce more gas.

Copyright (c) 2010 Dow Jones & Company, Inc.

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