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MarketWatch: Shell Nigeria announces Bonga North oil, gas discovery

Shell Nigeria announces Bonga North oil, gas discovery



LAGOS (MarketWatch) — Shell Nigeria Exploration and Production Company, or Snepco, announced Friday the successful outcome of exploration work at its deep water Bonga North oil and gas prospect, offshore Nigeria.


Other co-ventures in the OML 118 exploration are ExxonMobil Corp. (XOM) unit Esso Exploration and Production Nigeria (Deepwater) Ltd, Eni subsidiary Nigerian Agip Exploration Limited, and Total SA (TOT) subsidiary Elf Petroleum Nigeria Limited.


Snepco said the Bonga North 2X well is located north of the Bonga main field, and was spudded on October 25, 2005 and drilled in 1,019 meters of water.


The main Bonga field began crude oil production last December, and is projected to produce at a rate of about 250,000 barrels a day.


Snepco is the deepwater subsidiary of Shell Petroleum Development Company of Nigeria, a unit of Royal Dutch Shell PLC (RDSB.LN).


In Friday's statement Chima Ibeneche, managing director of the subsidiary company said, “this discovery reinforces the trend of Shell's successful exploration efforts in this challenging environment. We are proud of our contribution towards the realization of Nigeria's oil and gas potential.”


The equity holding on the block is: Snepco 55%; Esso E&P Nigeria (Deepwater) Limited (20%), Nigerian Agip Exploration Ltd (12.5%), and Elf Petroleum Nigeria Limited (12.5%).


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