Monday, November 1, 2010

ExxonMobil (NYSE:XOM) Discovers Rich Gas Condensate Off Nigeria

ExxonMobil (NYSE:XOM) revealed today it has made a discovery of rich gas condensate off the coast of Nigeria.

The find was made in the Pegi-1 discovery well, with about 165 net feet of rich gas condensate found. Rich gas condensate is a form of natural gas liquid.

Mark Ward, chairman of Mobil Producing Nigeria Unlimited, the joint venture of Exxon in Nigeria, said, "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."

Nigeria has been desperate to wean their people off of expensive diesel-fired generators because of the shortage of electricity in the country.

To that end, they added in their statement, that "Significant additional potential remains in untested deeper targets within the Pegi fault block as well as in adjacent fault blocks."

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