Tag Archives: Barrels

ExxonMobil Discovers One Billion Barrels Of Oil In Nigeria

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Barely a week after it sold its downstream subsidiary in Nigeria, United States’ oil giant, ExxonMobil Corporation, has announced the discovery of up to one billion barrels of oil reserves in the Owowo field, offshore Nigeria.

The development is a boost to Nigeria’s efforts to increase her crude oil reserves from the current 36 billion barrels to 40 billion barrels target, which was set for 2010 but could not be achieved as a result of lack of investment in exploratory activities.
The Owowo field spans portions of the contract areas of Oil Prospecting License (OPL) 223 and Oil Mining License (OML) 139.

In a statement posted yesterday on its website, the Texas-based oil and gas company said the huge discovery has a potential recoverable resource of between 500 million and one billion barrels of oil.

The world’s largest publicly traded international oil and gas company stated that the Owowo-3 well, which was spud on September 23, 2016, encountered about 460 feet (140 metres) of oil-bearing sandstone reservoir.
According to the statement, the Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 515 feet (157 meters) of oil-bearing sandstone reservoir.

Commenting on the discovery, the President of ExxonMobil Exploration Company, Stephen Greenlee, said: “We are encouraged by the results and will work with our partners and the government on future development plans.”
The company further added that the Owowo-3 was safely drilled to 10,410 feet (3,173 metres) in 1,890 feet (576 metres) of water.

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 (NPDC) Limited, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) (10 per cent interest).

ExxonMobil had recently announced the sale of its 60 per cent stake in Mobil Oil Nigeria Plc to NIPCO Plc, thus exiting from the Nigeria’s downstream oil and gas sub-sector.
Before the sale of its downstream subsidiary, the company had three affiliates operating in Nigeria: Mobil Producing Nigeria Unlimited (MPN); Esso Exploration and Production Nigeria Ltd. (EEPNL); and Mobil Oil Nigeria (MON).

Credit: thisdaylive

Over 250,000 Barrels Of Oil Siphoned Daily, PMB Raises Alarm

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President Muhammadu Buhari has raised the alarm that oil theft continues at the moment with an average of more than 250,000 barrels being siphoned daily.

Speaking yesterday on the Nigeria Television Authority (NTA) programme tagged “Good Morning Nigeria”, Buhari promised  that he would soon ensure that those committing that crime against Nigeria are faced with facts and prosecuted.

He said crude was  being illegally loaded from the country’s terminals by unpatriotic Nigerians that only considered  their own selfish interests to get money.

Besides, Buhari said his government had to maintain a high level of confidentiality in order not to risk the lives of people in Nigeria who were helping to trace the destinations of the stolen crude and the accounts the proceeds were being paid into.

The president said:  “I don’t think the NNPC knows how many accounts are there in which payments are made on Nigerian crude. The monumental fraud has been going on for a number of years.  A lot of Nigerians cannot comprehend it”.

Buhari said foreign countries were  willing to let go of the looted oil funds but Nigeria had to comply with their own system by getting the documents, especially the shipping papers.

Speaking on the report that he planned to unbundle the NNPC, Buhari said: “I read the story too that I intend to break the NNPC. I think the best way to go about it to first establish the fact of the magnitude of the inexplicable way the NNPC conducted itself.”

Read More: dailytrust