Exxon's Owowo Find Could Satiate World's Oil Needs For Over A Week

Exxon said that the Owowo field located in offshore Nigeria has a potential recoverable resource of 500 million to 1 billion barrels of oil.

How Big Is It Really?

Assuming that all of the oil can be extracted efficiently by the end of the decade, Exxon's find could satisfy the entire planet's oil needs for the better part of a week, with estimates ranging between five and 10 days.

Bloomberg, citing data from the International Energy Agency, reported that world oil consumption will total 100.5 million barrels a day in 2020. At the high end of Exxon's estimate, the one oil field near Nigera alone could fuel the entire planet's oil needs for more than an entire week.

Don't Get Too Excited Yet

Despite the size of Exxon's oil discovery it is important to note that Exxon is a minority owner of the oil field and owns a 27 percent stake.

In addition, Pavel Molchanov, an analyst at Raymond James, suggested that a 500-million to 1-billion-barrel discovery is in reality "fairly normal." Moreover, the analyst pointed out that Nigera's geo-political situation is plagued with militant groups that are known to sabotage oil properties.