U.S based oil giant, Exxon Mobil corporation says it has discovered about one billion barrels of Crude oil at the Owowo field located offshore Koloama community in Bayelsa state.

The Owowo-3 well with height of 10,410 feet (3,173 meters) and in water at 1,890 feet (576 meters) was drilled by ExxonMobil affiliate Esso Exploration and Production Nigeria (Deepwater Ventures) Limited.

Announcing the new discovery, the company’s president, Stephen M. Greenlee, in a statement released yesterday on their website, aid “We are encouraged by the results and will work with our partners and the government on future development plans.”

ExxonMobil, Dutch-British Shell and Chevron lost $7.1 billion in the first half of this year through militant attacks, low oil prices and weak refinery margins.