The United States-based ExxonMobil Corporation Thursday, October 27, 2016 said it has discovered about one billion barrels of Crude oil at the Owowo field which is located off shore Koloama community in Bayelsa State.
The Owowo-3 well with height of 10,410 feet (3,173 meters) and in water at 1,890 feet (576 meters) was drilled by ExxonMobil affiliate Esso Exploration and Production Nigeria (Deepwater Ventures) Limited.
It will be recalled that 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,” the company’s president, Stephen M. Greenlee, said.
Lagos based Research Firm, SBM Intelligence risk analyst estimates that ExxonMobil, Dutch-British Shell and Chevron lost $7.1 billion in the first half of this year some 70 percent of earnings through militant attacks, low oil prices and weak refinery margins.
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 percent interest), Total E&P Nigeria Limited (18 per cent interest), Nexen Petroleum Deepwater Nigeria Limited (18 per cent interest), and the Nigerian Petroleum Development Company Limited (10 percent interest).