Oil Exploration giants Exxon Mobil have announced the discovery of a significant oil reserve with a potential resource of between 500 million and 1 billion barrels of oil on the Owowo offshore field.
This latest discovery will surely be a boost to the nations oil production output which has reportedly shrunk by a third following restiveness in the Niger Delta region.
The Owowo-3 well, has about 460 feet (140 meters) of oil-bearing sandstone reservoir. Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 515 feet (157 meters) of oil-bearing sandstone reservoir.
Stephen M. Greenlee, President of Exxon Mobil Exploration Company said:
“We are encouraged by the results and will work with our partners and the government on future development plans”
Owowo-3 was safely drilled to 10,410 feet (3,173 meters) in 1,890 feet (576 meters) of water.
The Owowo field spans portions of the contract areas of Oil Prospecting License 223 (OPL 223) and Oil Mining License 139 (OML 139). 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 percent interest and is the operator for OPL 223 and OML 139. Joint venture partners include Chevron Nigeria Deepwater G Limited (27 percent interest), Total E&P Nigeria Limited (18 percent interest), Nexen Petroleum Deepwater Nigeria Limited (18 percent interest), and the Nigeria Petroleum Development Company Limited (10 percent interest).