ENI Awarded Stake in Block 15 Offshore Angola

Block 15
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ENI was awarded a 35% operating stake in Angola's deepwater Block 15 state-owned oil company Sonangol said on Tuesday. The Sonangol-Sinopec JV also won a 35% stake in the block as well.

Angola is sub-Saharan Africa's second largest crude producer after Nigeria, pumping 1,4-million barrels a day (bpd) and plans to increase production to 2 million bpd by 2008 with the help of billions of dollars of foreign investment.

Sonangol has previously said block 15 has up to 10.4-billion barrels of potential oil reserves.

Irish-based Tullow Oil and Gas Exploration won a 50% stake in shallow water Block 1, while US-based Vaalco Energy won a 40% stake in Block 5.

Brazil's state-owned Petrobras won a 40% stake in Block 6 and 80% in Block 26.

Related Companies
 Company: Petrobrasmore info

 - Petrobras Says Deep-Water Opening Luring Big Oil to Brazil (Oct 10)
 - Brazil's Petrobras Graft Probe to Sharpen Focus on Parties (Oct 7)
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 Company: ENImore info

 - ENI: FPSO Soon Ready to Start Work at East Hub Development Project (Oct 14)
 - Mozambique Minister's Sacking Will Not Affect Gas Project Decision (Sep 30)
 - Eni: Laarich East-1 Well Onshore Tunisia Has 2,000 Bpd Capacity (Sep 19)
 Company: Sinopecmore info
 - As Oil Giants Dally Over Glut, Asia Gets To Work On Output Cuts (Sep 7)
 - Sinopec Expects Profit from Argentina Unit if Oil Recovers (Sep 2)
 - Profit At China's Sinopec Slumps 21.6% In First Half (Aug 29)
 Company: Tullow Oilmore info

 - Tullow Oil Confirms Turret Bearing Cover (Sep 23)
 - Tullow Oil: Discovery Made in Cara Prospect Offshore Norway (Sep 16)
 - Statoil Increases NCS Equity Through Tullow Deals (Sep 7)
 Company: Sonangolmore info
 - Cobalt International Says Angola Oil Block Stake Sale Terminated (Aug 23)
 - Twin Crises Expose Angola's Failure To Kick Its Oil Habit (Jul 5)
 - Angola State Oil Firm Finds Gas In Kwanza Basin (Jun 22)
 Company: VAALCO Energy, Inc.more info
 - VAALCO Updates on Operations at Etame Marin Block Offshore Gabon (Oct 13)
 - First Oil Flows from the North Tchibala Field Offshore Gabon (Sep 17)
 - VAALCO Encounters Disappointment at Kindele-1 Exploration Well Off Angola (Mar 31)
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