Exxon Mobil Corporation has 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 140 metres (460 feet) of oil-bearing sandstone reservoir. Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 157 metres (515 feet) of oil-bearing sandstone reservoir.

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

Owowo-3 was safely drilled to 3,173 metres (10,410 feet) in 576 metres (1,890 feet) 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% interest and is the operator for OPL 223 and OML 139. Joint venture partners include Chevron Nigeria Deepwater G Limited (27% interest), Total E&P Nigeria Limited (18% interest), Nexen Petroleum Deepwater Nigeria Limited (18% interest), and the Nigeria Petroleum Development Company Limited (10% interest).

Tags: Chevron Nigeria Deepwater G Limited, Exxon Mobil Corporation, Nexen Petroleum Deepwater Nigeria Limited, Nigeria Petroleum Development Company Limited, Total E&P Nigeria Limited