Another 1 billion barrels of crude oil has been discovered in southern Nigerian state, Bayelsa, by American multinational oil and gas corporation, ExxonMobil.
The oil giant, in a statement on Thursday, said it made the discovery during a drilling exercise by its engineers at the Owowo-3 oil well in Bayelsa.
This is “a significant discovery with a potential recoverable resource of between 500 million and one billion barrels,” ExxonMobil President, Stephen Greenlee said.
“The well was drilled by ExxonMobil affiliate Esso Exploration and Production Nigeria (Deepwater Ventures) Limited and proved additional resource in deeper reservoirs.
“We are encouraged by the results and will work with our partners and the government on future development plans.
“Statements of future events or conditions in this release are forward-looking statements.
“Actual future results, including project plans and schedules and resource recoveries could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; the outcome of future exploration and development efforts,” he said.