American oil giant, ExxonMobil, has announced the discovery of about 1 billion barrels of crude oil in a Nigerian offshore oilfield. In an emailed statement on Thursday, the firm described the development as “a significant discovery with a potential recoverable resource of between 500 million and one billion barrels”.
ExxonMobil said the discovery came when its engineers carried out a drilling exercise at Owowo-3 oil well, several miles of the coast of Bayelsa State, southern Nigeria.
The exercise took place on September 23 and the engineers encountered about 460 feet (140 metres) of oil-bearing sandstone reservoir. The latest discovery followed an earlier find at Owowo-2 well, which yielded about 515 feet (157 metres) of oil-bearing sandstone reservoir. Read more