Exxon Mobil Corp. made a major oil
and gas discovery
in the deepwater off the coast of Nigeria. Located about 100 miles southeast of Lagos, the discovery well, Erha-1, was drilled from December 1998 to February 1999.
Exxon Mobil said the appraisal well, Erha-2, stood in 3,860 feet of water and was drilled to a total depth of 12,287 feet. It tested at a flow rate of 2,800 barrels per day.
As operator, Exxon will hold a 56.25 percent participating interest and Shell Nigeria Exploration and Production Co., a unit of the Royal Dutch/Shell Group, will a hold 43.75 percent stake.
Including the Erha find, Exxon Mobil holds
an interest in 44 deepwater blocks in West Africa
. So far the company and its partners have reported 15 discoveries from these blocks, with a recoverable reserve potential of six billion oil equivalent barrels.