Exxon Mobil Corp.’s Nigerian unit said it made a “rich gas condensate” discovery off the southeast coast of the West African nation.
The Pegi discovery in the company’s Oil Mining License 104, 75 kilometers offshore, form part of exploration efforts aimed at expanding output capacity and meeting growing domestic demand for fuel, the subsidiary said in an e-mailed statement today. Condensate is a low-density mixture of hydrocarbon liquids.
President Goodluck Jonathan in August announced a plan to end the state power monopoly and allow private companies to build gas-fired, coal-fueled and hydroelectric plants to end the country’s power shortages. Nigeria has natural gas reserves of 185 trillion cubic feet, the world’s eighth-largest, according to the U.S. Energy Information Administration.
Exxon Mobil holds a 40 percent stake in a joint project it operates for state-owned Nigerian National Petroleum Corp. The venture produces 700,000 barrels a day of oil, condensate and natural gas liquids, according to the statement.
To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net
To contact the editor responsible for this story: Stephen Cunningham at scunningha10@bloomberg.net
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