Saturday, October 29, 2016

ExxonMobil discovers new 1 billion barrels of oil in Nigeria

Texas-based ExxonMobil Corporation has announced the discovery of up to one billion barrels of oil in the Owowo field, Niger Delta region of Nigeria.

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

The Texas-based oil company said this has a potential recoverable resource of between 500 million and one billion barrels of oil. ExxonMobil owns a 27 percent interest in the well, according to the statement released by the company, as does Chevron Nigeria Deepwater. Several other Nigeria based companies own the rest.

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