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.”

Oil prices will be part of the discussions at the Energy Live 2016 conference in London. Find out more here and join in the discussions using #EL2016.