Field Development | Drilling Program
Exxon, Partners to Further Invest in Offshore Angola Block; Increase Production
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ExxonMobil and its partners plan to further invest in Block 15 offshore Angola to increase production as part of an agreement with Angola’s recently established National Agency for Petroleum, Gas and Biofuels.
This decision comes on the heels of another discovery in Block 15, reported by Eni SPA.
As part of the agreement, Sonangol, Angola’s state oil company, will receive a 10% equity interest.
New Drilling, Infrastructure
As operator, ExxonMobil will complete a multi-year drilling program in the block and install new infrastructure technology to increase capacity of existing subsea flow lines. The project will generate about 1,000 local jobs during the execution phase, and will produce approximately 40,000 additional barrels of oil per day once online.
Changes to the production sharing agreement extend operations through 2032 and bring Sonangol into the Block 15 partnership with a 10% interest. Under the agreement, Esso Angola’s interest is 36%, BP Exploration’s share is 24%, ENI Angola Exploration’s interest is 18% and Equinor Angola’s share is 12%.
Related Companies
Equinor
Esso (Thailand) Public Company Ltd
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Sonangol E.P. - Private
Eni S.P.A - BIT
ExxonMobil - NYSE
BP Plc - NYSE
- Exxon, Partners to Further Invest in Offshore Angola Block; Increase Production 06/05/19
- Hess Hits 10th Stabroek Discovery; Resource Potential Upped to Five Billion BOE 12/03/18
- Hess Makes Eighth Oil Discovery Offshore Guyana; Results Under Evaluation 06/20/18
-
Exxon Touts Seventh Oil Discovery Offshore Guyana
02/28/18
-
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