ExxonMobil Finds Potential 1 Billion Barrel Oil Field Offshore Nigeria

ExxonMobil Finds Potential 1 Billion Barrel Oil Field Offshore Nigeria
ExxonMobil has a 27% interest holding in the Owowo field with Chevron, Total, Nexen and the Nigeria Petroleum Development Company.

Off the coast of Nigeria, Exxon Mobil Corp. and its partners have found a reservoir that is estimated to hold between 500 million and 1 billion barrels of oil beneath 2 miles of ocean floor.

ExxonMobil announced the discovery in a news statement Thursday. The Irving, Texas-based company has a 27 percent interest in the find, in a joint venture with Chevron Nigeria Deepwater G Ltd. (27 percent interest), Total E&P Nigeria Ltd. (18 percent interest), Nexen Petroleum Deepwater Nigeria Ltd. (18 percent interest), and the Nigeria Petroleum Development Company Ltd. (10 percent interest).

ExxonMobil’s affiliate Esso Exploration and Production Nigeria drilled the Owowo-3 well to 10,410 feet in 1,890 feet of water; the field itself is contained in the Oil Prospecting License 223 and Oil Mining License 139. Originally spud Sept. 23, the Owowo-3 found about 460 feet of oil-bearing sandstone, adding to the Owowo-2 find of 515 feet, according to the company. 

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

ExxonMobil added the Owowo West field, discovered in 2012 according to Tudor Pickering Holt & Co., to its list of projects in April. Chevron, which holds a majority interest in the play with ExxonMobil, has had business interests in Nigeria since 1913.

Nigeria’s flow oil – both offshore and onshore – has been disturbed several times in recent years by geopolitical and socioeconomic violence. In 2010, seven workers were kidnapped from an ExxonMobil oil platform. And in 2013, the International Maritime Bureau found 22 incidents of piracy and armed robbery offshore Nigeria during the first six months of the year.

An award-winning journalist, Deon has reported on energy, business and politics for almost 20 years. Email Deon at deon.daugherty@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
chikezie okafor | Oct. 28, 2016
this is great news and i am delighted at the amount of reserve discovered.I strongly believe that this will go a long way in empowering the locals and the country at large


Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Asset Integrity Manager
Expertise: Asset Management|Project Management|QA / QC / Inspection
Location: Pasadena
 
Senior Geologist (On-call)
Expertise: Geologist
Location: Minneapolis, MN
 
Director - USGS Central Energy Resources Science Center
Expertise: Geologist|Geoscientist
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours