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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