ExxonMobil Announces Significant Oil Discovery Offshore Nigeria
October 27 2016 - 11:00AM
Business Wire
- Owowo-3 well encounters high-quality
oil-bearing sandstone reservoirs
- Together with Owowo-2, well confirms
discovery of 500 million to 1 billion barrels of oil
- Future development plans based on
discussions with partners and the government
Exxon Mobil Corporation (NYSE:XOM) today announced a significant
discovery 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 Sept. 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 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).
CAUTIONARY STATEMENT: 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; technical or operating factors; the outcome of future
commercial negotiations; and other factors discussed here and in
under the caption “Factors Affecting Future Results” on the
Investors page of ExxonMobil’s website at www.exxonmobil.com.
References to resources and barrels of oil include quantities not
yet classified as proved reserves under SEC definitions but that we
believe will likely be produced and moved into the proved reserve
category in the future.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources and is one of the world’s largest integrated
refiners, marketers of petroleum products and chemical
manufacturers. For more information, visit www.exxonmobil.com or
follow us on Twitter www.twitter.com/exxonmobil.
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