Business
Mobil Oil in dilemma over discovery of biggest oil well in Nigeria
Barely a week after the ExxonMobil Exploration Company announced it was divesting from one of its major downstream subsidiary, OPL223 and OML Ventures, in Nigeria, the United States oil giant has announced a discovery of about one billion barrels of oil reserves in Owowo field, offshore Nigeria.
When fully explored, the Owowo field will surpass, by three, any of the already existing oil fields off Nigerian shores, said the company on Thursday in a statement made available to the Ripples Nigeria.
President of ExxonMobil Exploration Company, Stephen Greenlee, was quoted as saying “We are encouraged by the results and will work with our partners and the government on future development plans.”
Observers said the development could see Nigeria reclaiming its lost position as the third largest oil producing country of OPEC, which Iraq currently occupies following multiple crises facing the African country in the past one year.
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Also, the discovery, said the experts, have put ExxonMobil in dilemma over its divestment, which had seen it selling its major equity shares in Mobile Nigeria exploration unit.
But the statement from the oil giant remained silent on the fate of its remaining shares on the divested company; though it said its interest in Nigeria still remains as strong as ever before.
Nigerian officials described the discovery as a boost to the country’s plans of having its crude oil reserves rise from its current 36 billion barrels to 45 billion barrels in the next five years.
“This will only be feasible if we have more foreign investors come into the sector to fully develop the off shore wells as there are still many undergoing discovery programmes,” a spokesman of NNPC said.
By Emma Eke….
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yanju omotodun
October 28, 2016 at 6:05 pm
we need to champion the world oil depot again. this time around more than Saudi Arabia.
but that does not mean we should still focus on oil as the mainstay of the economy. we need to diversify the economy.
JOHNSON PETER
October 28, 2016 at 6:08 pm
This new oil reserve field discovered is going to be a curse rather than blessing to us because Nigerian government will relax again to be happy with the new discovery which might make us lose focus on tapping other sectors to boost our GDP. we need to explore other sectors.
Margret Dickson
October 28, 2016 at 7:00 pm
Only a foolish government will do that, I don’t want to believe President Buhar-led administration is not reasonable enough to develop other sectors
Amarachi Okoye
October 30, 2016 at 4:28 am
Buhari is trying to develop the sectors is just that his trying to being careful over oil deal
Animashaun Ayodeji
October 28, 2016 at 7:02 pm
Times three of any of the already existing oil fields off Nigerian shores, this is awesome. Nigeria should be looking forward to becoming the second largest oil producing country of OPEC if not the largest.
chichi emerue
October 30, 2016 at 4:22 am
I pray they become the largest because the way they are given out or property to the white man I doubt if they wil be largest
Angelic Flames
October 29, 2016 at 12:51 am
Of shore oilfield and Owowo oil field prospect form the need to create a landing platform in a peaceful South-South/South East belt. Else, it will be a dream to continue further investment and oil prospecting by Exon Mobil in a hostile environment.