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


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 Company: ENImore info


 - Italy's Eni Confident Of Dividend Even With Lower Oil Prices (Jul 28)
 - Mexico Delays Next Oil Auction to Let Huge New Find Sink In (Jul 17)
 - Trump Administration Approves Eni Plan To Drill Offshore Alaska (Jul 13)
 Company: Sinopecmore info
 - Shengli Oilfield Cuts Internet For Some Offices After Cyber Attack (Aug 21)
 - Sinopec Engineering Arm Taps Asia Petrochemicals Growth (Aug 21)
 - Sinopec To Invest $5B In Gas Pipeline For New Economic Zone (Jul 25)
 Company: Tullow Oilmore info
 - Britain's Tullow Launches Oil, Gas Exploration In Zambia (Aug 11)
 - European Oil Producers' Weak Hedging Shows Bet on Price Rebound (Jul 31)
 - Tullow Plans More Ghana Wells Once Maritime-Border Spat Settled (Jul 26)
 Company: Sonangolmore info
 - US Oil Firm Cobalt Files For Arbitration Against Angola For $2B (May 12)
 - US Firm Cobalt Threatens Arbitration Over Angolan Oil Assets (Apr 3)
 - Angola's Sonangol Cuts Debt, Output To Slip Without Investment - FT (Dec 20)
 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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