Chinese state owned oil firm called SIPEC and Nigerian Petroleum Development Company (NPDC) have found a new source of crude oil in the Niger Delta of Nigeria.
A well was drilled to a total depth of 11,150 feet before black gold was discovered. Nigerian National Petroleum Corporation (NNPC) released this statement confirming the find:
"Initial test on the well indicates that the oil is similar to most oil discovered in Nigeria, that is sweet light crude. Production from the well ranges between 1,284 and 3,110 barrels per day and zero water content,"
NPDC and SIPEC entered into an alliance in 2004 and jointly developed the OML 64 which covers an area of about 278 square kilometres (111 square miles).
Production from the well will commence after a field appraisal is completed.
Let's hope this Chinese owned firm learn from the mistakes of other oil companies like Shell and take in serious consideration the possible repercussions ahead if they decide to conduct business irresponsibly.
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