Oil giant ExxonMobil has announced the discovery of about 1 billion barrels of crude oil in a Nigerian offshore oilfield.
They made the announcement via an email to journalists yesterday, October 27.
Describing the development, President of Exxon Mobil Exploration Company, Stephen M. Greenlee said:
It is a significant discovery with a potential recoverable resource of between 500 million and one billion barrels.
We are encouraged by the results and will work with our partners and the government on future development plans.
The discovery came after the firm’s engineers carried out a drilling exercise at Owowo-3 oil well, several miles off the coast of Bayelsa State, southern Nigeria.
According to Greenlee’s statement, the exercise took place on Friday, September 23 where the engineers encountered about 460 feet (140 metres) of oil-bearing sandstone reservoir..
The Owowo field spans portions of the contract areas of Oil Prospecting Licence 223 and Oil Mining Licence 139.
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.