United States-based oil giant, Exxon Mobil
corporation says it has discovered about one
billion barrels of Crude oil at the Owowo field
located offshore Koloama community in
Bayelsa state. The Owowo-3 well with height
of 10,410 feet (3,173 meters) and in water at
1,890 feet (576 meters) was drilled by
ExxonMobil affiliate Esso Exploration and
Production Nigeria (Deepwater Ventures)
Limited.
Announcing the new discovery, the
company’s president, Stephen M. Greenlee, in
a statement released yesterday on their
website, aid “We are encouraged by the
results and will work with our partners and
the government on future development
plans.”
ExxonMobil, Dutch-British Shell and Chevron
lost $7.1 billion in the first half of this year
through militant attacks, low oil prices and
weak refinery margins.
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