ExxonMobil has committed to further investing in Block 15 offshore Angola with the aim to boost oil output.
ExxonMobil said Wednesday the decision made with its partners was part of an agreement with Angola’s recently established National Agency for Petroleum, Gas, and Biofuels. As part of the agreement, Sonangol, Angola’s state oil company, will receive a 10 percent equity interest. Exxon is the operator of the block with partners being BP, Equinor, Eni, and now Sonangol.
“This renewed collaboration will enable Angola to optimize recovery and add production from mature fields,” said Hunter Farris , senior vice president of ExxonMobil Upstream Oil & Gas Company.
As the operator, ExxonMobil said it would complete a multi-year drilling program in the block and install new infrastructure technology to increase the 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 percent interest.
Under the agreement, Exxon interest will be 36 percent, BP Exploration’s share 24 percent, ENI Angola Exploration’s interest 18 percent and Equinor Angola’s share 12 percent. Exxon did not share how much the redevelopment work on the block would cost.
ExxonMobil has interest in three deepwater blocks covering nearly 2 million gross acres in Angola. These blocks contain substantial development opportunities and have a gross recoverable resource potential of approximately 10 billion oil-equivalent barrels. Block 15 has produced more than 2.2 billion barrels of oil since 2003.
BP’s website shows the following FPSO units have been installed at Block 15 so far:
Offshore Energy Today Staff
Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email .
Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns.
If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.