ExxonMobil has announced the discovery of about one billion barrels of oil on the Owowo-3 well, off the coast of Nigeria.

According to the company, its subsidiary Esso Exploration and Production Nigeria Deepwater Ventures drilled the Owowo-3 well which came across about 460 feet of oil-bearing sandstone reservoir on September 23, 2016. The well extends the resource found on the Owowo-2 well, which encountered about 515 feet of oil-bearing sandstone reservoir.

The US firm added that the play could produce between 500million and one billion barrels of oil, Energy Voice reports.

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

ExxonMobil holds a 27% interest and is the operator of OPL 223 and OML 139 alongside Joint venture partners; Chevron Nigeria Deepwater, Total E&P Nigeria, Nexen Petroleum Deepwater Nigeria and the Nigeria Petroleum Development Company with 27%, 18%, 18% and 10% interests respectively.

Anita Fatunji