…Oil Well Holds Estimated 1 Billion Barrels

– Exxon Mobil Corporation has announced the significant discovery of crude on the Owowo field, offshore Nigeria, with a potential recoverable resource of between 500 million and 1 billion barrels of oil.

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

The well was drilled by ExxonMobil affiliate Esso Exploration and Production Nigeria (Deepwater Ventures) Limited and proved additional resource in deeper reservoirs.

The Owowo-3 well, which was spud on Sept. 23, encountered about 460 feet (140 meters) of oil-bearing sandstone reservoir. It extends the resource discovered by the Owowo-2 well, which encountered about 515 feet (157 meters) of oil-bearing sandstone reservoir.

Owowo-3 was safely drilled to 10,410 feet (3,173 meters) in 1,890 feet (576 meters) 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) in which ExxonMobil holds 27 percent interest.

Joint venture partners include Chevron Nigeria Deepwater G Limited (27 percent interest), Total E&P Nigeria Limited (18 percent interest), Nexen Petroleum Deepwater Nigeria Limited (18 percent interest), and the Nigeria Petroleum Development Company Limited (10 percent interest).