Exxonmobil Announces Major Oil Discovery Offshore Nigeria

Nigeria’s oil sector has received a major boost as American oil major, ExxonMobil Corporation yesterday revealed discovery of significant oil with a potential recoverable resource of between 500 million and 1 billion barrels of oil on the Owowo field offshore Nigeria.

The Owowo-3 well, which was spud on September 23, encountered 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.

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

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 per cent interest and is the operator for OPL 223 and OML 139. Joint venture partners include Chevron Nigeria Deepwater G 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).
Meanwhile, the Nigerian National Petroleum Corporation (NNPC) yetserday said it has entered into a working agreement with the Nigeria Police Force (NPF) to tackle the incessant attacks on oil and gas facilities across the country.

Both agencies were said to have made the commitment on Wednesday when the group managing director of NNPC, Dr Maikanti Baru, visited the inspector general of police, Mr Ibrahim Idris, at the force headquarters in Abuja.

A press statement signed by the group general manager, group public affairs division, NNPC, Garba Deen Muhammed, said Baru drew the attention of the police to the growing insecurity around oil and gas facilities with the latest being the attack on the Chevron gas pipeline in Delta State.

The GMD explained that the attacks on oil and gas facilities were taking a toll on the national budget with massive shortfalls in revenue as well as huge losses in petroleum products.