ExxonMobil has announced it has discovered up to one billion barrels of oil in Nigeria.
One of its wells, Owowo-3, found around 140 metres of oil-bearing sandstone reservoir.
It was safely drilled to 3,173 meters in 576 meters of water.
That well extends the resource discovered by the Owowo-2 well, which encountered about 157 metres of oil-bearing sandstone reservoir.
The two wells together count for 500 million to one billion barrels of oil, the company stated.
Stephen M. Greenlee, President of ExxonMobil Exploration Company said: “We are encouraged by the results and will work with our partners and the government on future development plans.”