Nigeria discovery helps counter gloomy 2017 exploration outlook

ExxonMobil provided some grounds for optimism for an upstream industry under pressure when it announced the Owowo discovery offshore Nigeria, as international oil companies (IOCs) gathered in Cape Town for the 23rd annual Africa Oil Week. The US supermajor rarely announces exploration results but needs some positive news to offset an expected reserves restatement. Announcing its Q3 earnings on 28 October, ExxonMobil said that, if the low crude prices persisted until year-end, it would have to “de-book” about 4.6bn boe from its proven reserves, which were 24.8bn boe at end-2015.