/ 4 September 2000

OIL FIND BIG AND GROWING

AN ExxonMobil unit has confirmed reserves of at least 600 million barrels of crude in its Nigerian OPL 209 deepwater block. A company official said Esso Exploration and Production Nigeria Ltd completed exploratory drilling in the block, off southeastern Nigeria, at the end of last year. ”We drilled two wells, Era 1 and Era 2. The results showed recoverable reserves of 600 million barrels.” ”The reserves could reach one billion barrels when more wells are drilled from the other side of the field where 3D seismic is being shot now,” he added. The Esso block lies close to Royal Dutch/Shell’s Bonga field where another huge oil find has been reported. The company has applied to state-run Nigerian National Petroleum Corp (NNPC) to convert the oil prospecting licence for the block to a mining lease in readiness for production. Meanwhile NNPC has appointed a local unit of Italy’s Agip oil company as its partner in developing new fields in an offshore oil block. A spokesman for the NNPC said Agip Energy and Natural Resources Ltd won the bid to partner the NNPC’s oil-producing subsidiary to develop a promising oilfield offshore in block OPL 91. NNPC called for bids last December from medium sized operating companies with more than 15 years offshore experience to partner the Nigerian Petroleum Development Company in operating the field. Past estimates of OPL 91’s potential have been about 20000 barrels per day (bpd). – Reuters