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The giant oil producer ExxonMobil achieved a milestone yesterday Thursday the 27th of October. A  significant discovery of between 500 million to 1 billion barrels of oil in the Owowo field offshore Nigeria is a good news for the Nigeria economy and the oil sector in particular.

This multinational oil giant made a comprehensive statement on Thursday clarifying that, the Owowo-3 well, which was spud on September 23, encountered about 460 feet (140 meters) of oil-bearing sandstone reservoir. Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 515 feet (157 meters) of oil-bearing sandstone reservoir.

ExxonMobil is the world’s largest publicly traded international oil and gas company. The company has joint venture partnerships with Chevron Nigeria Deepwater G Limited (27 percent interest), Nexen Petroleum Deepwater Nigeria Limited (18 percent interest), Total E&P Nigeria Limited (18 percent interest), and the Nigeria Petroleum Development Company Limited (10 percent interest).

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ExxonMobile recently made an exit from  Nigeria’s downstream oil and gas sub-sector. She announced her intentions of selling 60 percent stake in Mobil Oil Nigeria Plc to NIPCO Plc, an indigenous Nigerian downstream oil and gas company.

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