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.
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.
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