Thursday, May 5, 2016
A firm in the oil and gas sector dedicated to discovering and utilizing petroleum resources in West Africa, Ambit Energy Corporation is currently engaged in projects in the resource-rich Niger Delta Basin in Nigeria. Ambit Energy Corporation plans to create value for its shareholders by developing the region's oil reserves in the tens of billions of barrels.
The Niger Delta's richness in oil and gas owes to its geological history going back millions of years. The Agbada formation, the most energy-rich part of the Niger Delta, ranks among the top 12 regions in the world in terms of recoverable petroleum resources. The region has the potential to yield nearly 35 billion oil barrels and over 90 trillion cubic feet in natural gas.
The resource accumulation in the region occurred over three geologic phases. The first happened in the Paleocene, about 65 million years ago. Following the Paleocene, the second event occurred in the Eocene, roughly 55 million years ago. The last event is dated to the Oligocene, or approximately 34 million years ago.