facebook
twitter
rss
account
search
search
 

Afren finds major oil deposit off Nigeria

Nov. 19, 2013 at 7:36 AM   |   Comments

LONDON, Nov. 19 (UPI) -- Afren, an energy company focused on African reserves, said Tuesday it encountered more oil than it expected in a frontier area off the coast of Nigeria.

Afren said it encountered oil at prospecting lease 310 off the coast of Nigeria. It said the results from the exploratory drilling operation were "significantly" better than it expected.

The company said Tuesday it drilled its Ogo-1 well to a total depth of 10,518 feet and encountered an oil layer measuring 524 feet thick. Based on that data, the company said it expected the prospect holds at least 774 million barrels of oil equivalent.

Afren, headquartered in London, said the Ogo prospect represented a wildcat opportunity, meaning it was located in an area not proven to hold oil reserves, in an underexplored area off the Nigerian coast. It said preliminary data show there may be "several prospects" in the same area that have the same characteristics as major discoveries found off Ghana and Ivory Coast.

Nigeria's oil sector has been handicapped by sabotage, rebel activity and environmental damage.

Nigeria is a member of the Organization of Petroleum Exporting Countries. OPEC in its latest monthly report said Nigeria produced 1.8 million barrels of oil per day in October.

Topics: Ivory Coast
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
FBI arrests Google employee accused of nude photo scam FBI arrests Google employee accused of nude photo scam
2
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
Trending News
Around the Web
x
Feedback