Nigeria Content Online

Mobil Producing
Nigeria Unlimited (MPN), a subsidiary of Exxon Mobil Corporation, in
joint venture with Nigerian National Petroleum Corporation (NNPC), on
Monday, announced a rich gas condensate discovery in Oil Mining License
(OML) 104, approximately 75 kilometres offshore of Akwa Ibom State.

The Pegi-1
discovery well was drilled in 315 feet (96 metres) of water to a total
depth of 11,407 feet (3,477 metres) beneath the Awawa Field and
encountered 165 net feet (50.3 metres) of rich gas condensate.

Analysis of
recovered samples indicates an API gravity of approximately 41 degrees.
Significant additional potential remains in untested deeper targets
within the Pegi fault block as well as in adjacent fault blocks.

The Pegi discovery
is part of ExxonMobil and NNPC’s programme to increase oil and gas
reserves and production capacity, and to supply power and natural gas
to the growing Nigerian domestic market. Pending results from
additional exploration planned in the area, development studies will
determine the optimal plan for bringing these newly discovered
resources into production.

“This is another
example of our commitment to the growth of the oil and gas industry in
Nigeria,” said, Mark Ward, chairman and managing director of Mobil
Producing Nigeria Unlimited.

“We are focused on
developing oil and gas reserves, and supplying natural gas that will
boost commercial power production, in line with the Federal
Government’s aspiration,” he added.

Rich gas condensate
is a natural gas liquid containing a high percentage of heavier
hydrocarbon molecules such as butane and pentane.