Eni Discovers Huge Hydrocarbon in Wowo Field

MRS Oil Nigeria Plc
  • Eni Discovers Huge Hydrocarbon in Wowo Field

An Italian energy company, Eni, on Tuesday announced its affiliate, Nigerian Agip Oil Company (NAOC), has discovered a large amount of gas and condensate onshore Niger Delta.

Eni-operated NAOC, which made the discovery, is jointly owned by the Nigerian National Petroleum Corporation (NNPC), 60 percent; Oando, 20 percent and Eni, 20 percent.

According to the Italian company, the discovery would boost Nigerian oil reserves to 40 billion barrels and daily production to 4 million barrels per day.

In a statement put out by the Eni, the firm said the Obiafu-41 Deep well had reached a total depth of 4.374 metres.

Eni said the well has encountered an important gas and condensate accumulation within what is known in geological parlance as the “deltaic sequence of Oligocene age comprising more than 130metres of high quality hydrocarbon-bearing sands.”

“The find amounts to about 1 trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences. The discovery has further potential that will be assessed with the next appraisal campaign,” the company said.

The company also stated that “the well can deliver in excess of 100 million standard cubic feet per day of gas and 3,000 barrels per day of associated condensates, which will be immediately put on-stream to increase NAOC’s gas production.”

“The discovery is part of a drilling campaign planned by NAOC JV and aimed at exploring near-field and deep pool opportunities as immediate time to market opportunities. Eni has been present in Nigeria since 1962, with operated and non-operated production, development and exploration activities on a total of 30,049 square kilometers in the onshore and offshore areas of the Niger Delta. In 2018, Eni’s equity hydrocarbon production amounted to 100,000 barrels of oil equivalent per day,” the statement added.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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