There is an ever-increasing global demand for energy and till date, petroleum continues to be the only source of energy to solve this problem. No one ventures into investing multi- million dollars on a hydrocarbon field without assessing it to be sure of its commercial accumulation and potential of production. Petrophysical properties of reservoirs which can be obtained from diverse sources (e.g. well logs, cores, etc) are used to carry out this exercise. However, well logs continue to be the paramount source of data because it is readily available amongst other advantages. In this work, geophysical well logs were interpreted for the estimation of petrophysical properties of the XY field of the Niger Delta Basin. The petrophysical properties estimated were lithology, volume of shale, effective porosity, and effective permeability. This information was then used to evaluate the potential of this field to accumulate and produce commercial quantities of hydrocarbons. This study is the foundation of the life of any hydrocarbon field and therefore inevitable for any Petroleum Geoscientist or anyone who wishes to plunge into the activities of the petroleum industry (e.g investors).