Investors may want to be cautious as
The announcement should be seen positively by investors given Exxon's exposure to assets in Russia, which could come under pressure amid strained relationships between the US and Russian governments.
Speaking to Benzinga, Pavel Molchanov of Raymond James suggested that for a deepwater discovery, 500 million to one billion barrels is "fairly normal."
The analyst also pointed out that a typical development timetable for this kind of discovery is at least three years. However, the geo-political situation in Nigeria involving militant groups sabotaging oil properties could further delay any timeline.
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