Kizomba B TLP Arrives in Luanda

Sonangol and Esso Exploration Angola (Block 15) Limited announced the arrival the Kizomba B Tension Leg Platform (TLP) in Luanda, Angola. The development costs for Kizomba B project are approximately US $3.4 billion. Kizomba B is located in Block 15 offshore Angola.

The TLP will serve as center of the operations for the Kizomba Field which is located approximately 350 kilometers northwest of Luanda. The platform will be towed to location within the next few weeks and drilling operations are expected to start during the first quarter of the year. The platform weighs 30,000 metric tons and stands at 133 meters high with accommodations for 100 persons.

It is estimated that the field contains one billion barrels of oil and peak production is expected at 250,000 barrels per day. The field is expected to begin production during the second quarter of 2005.

To date, Sonangol and Esso have made 17 discoveries in Block 15. First production from Block 15 began in November 2003 when Xikomba came onsteam. Currently output from Block 15 is approximately 300,000 bpd. Block 15 represents a world class development project and has a predicted potential of approximately 4.5 barrels of oil equivalent.

Esso Exploration Angola, a subsidiary of Exxon Mobil Corp., has a 40 percent stake in the Kizomba B field. Other stakeholders are BP Exploration (Angola) with 26.67 percent, Agip Angola Exploration with 20 percent, and Sonangol, which owns 13.33 percent.