ExxonMobil said it has made a significant oil and gas discovery offshore Nigeria.
The company said the Owowo-3 well encountered high-quality oil-bearing sandstone reservoirs.
Together with the Owowo-2, the most recent discovery confirms an estimated 500million to one billion barrels of oil.
The US oil firm said the future development plans are based on discussions with partners and the government.
The Owowo-3 well was spud in September and encountered about 460feet of oil-bearing sandstone reservoir.
Stephen M Greenlee, president of ExxonMobil, said: “We are encouraged by the results and will work with our partners and the government on future development plans.”
The Owowo field spans portions of the contract areas of Oil Prospecting Licence 223 and Oil Mining License 139.
The well was drilled by ExxonMobil affiliate Esso Exploration and Production Nigeria.
ExxonMobil holds a 27% interest in and is the operator for both licences.
