NOC Wins Stake in Angola Block Up for Redevelopment



NOC Wins Stake in Angola Block Up for Redevelopment
The project calls for drilling and raising the capacity of existing subsea flow lines.

Exxon Mobil Corp. unveiled plans Wednesday to redevelop Block 15 offshore Angola through a revised production sharing agreement with the southern African country’s National Agency for Petroleum, Gas and Biofuels.

The renegotiated deal extends Block 15 operations through 2032.

In a written statement emailed to Rigzone, ExxonMobil stated the plan calls for completing a multi-year drilling program in the block and installing new infrastructure technology to raise the capacity of existing subsea flow lines. The supermajor, which operates the Block 15 partnership, added that the project will yield an estimated 40,000 additional barrels of oil per day and create approximately 1,000 local jobs during construction.

The updated production sharing agreement grants Sonangol, Angola’s national oil company, a 10-percent equity interest in the acreage, ExxonMobil stated. With Sonangol joining the block, the interests of existing partners are now as follows:

  • Esso Angola: 36 percent
  • BP Exploration: 24 percent
  • ENI Angola Exploration: 18 percent
  • Equinor Angola: 12 percent

“This renewed collaboration will enable Angola to optimize recovery and add production from mature fields,” Hunter Farris, senior vice president of ExxonMobil Upstream Oil & Gas Co., noted.

Block 15, which has produced more than 2.2 billion barrels of oil over the past 16 years, is one of three deepwater Angola blocks in which ExxonMobil owns an interest, the company stated.



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.