The investment in the block is part of an agreement with Angola’s recently established National Agency for Petroleum, Gas and Biofuels
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US-based oil and gas corporation ExxonMobil along with its partners is further investing in Block 15 offshore Angola to increase production.
The investment in the block is part of an agreement with Angola’s recently established National Agency for Petroleum, Gas and Biofuels. The agreement enables Sonangol, Angola’s state oil company, to receive a 10% equity interest.
ExxonMobil Upstream Oil & Gas Company senior vice president Hunter Farris said: “This renewed collaboration will enable Angola to optimize recovery and add production from mature fields.”
ExxonMobil to carry out multi-year drilling program in Block 15
Since 2003, Block 15 has produced more than 2.2billion barrels of oil, and as the operator, ExxonMobil is planning to complete a multi-year drilling program in the block.
In addition, the company plans to install new infrastructure technology to increase capacity of existing subsea flow lines.
The project is capable of generating approximately 1,000 local jobs during the execution phase, and once online, would produce approximately 40,000 additional barrels of oil per day.
ExxonMobil said that the changes to the production sharing agreement extend operations through 2032 and bring Sonangol into the Block 15 partnership with a 10% stake.
Under the agreement, Esso Angola holds 36% interest, BP Exploration holds 24%, ENI Angola Exploration’s holds 18% interest and Equinor Angola’s holds 12% share.
ExxonMobil said that it has ownership stakes in three deepwater blocks covering nearly 2 million gross acres in Angola. The blocks hold a gross recoverable resource potential of approximately 10 billion oil-equivalent barrels.
Recently, Italian oil and gas company Eni has announced an another oil discovery in Block 15/06, in Angola’s deep offshore. The discovery is the fifth in one year in the offshore block.
The five discoveries are estimated to contain a total of up to 1.8 billion barrels of light oil in place with a potential for upside.
The Block 15/06 joint venture is formed by Eni serving as operator, with a 36.8421% ownership, Sonangol P&P with 36.8421% interest and SSI Fifteen holding 26.3158% interest.