BP Makes Thirteenth Oil Discovery in Ultra-Deepwater Block 31 Angola

Sonangol and BP Exploration (Angola) Limited report that the Miranda oil discovery in ultra-deepwater Block 31, offshore Angola is the thirteenth discovery that BP has drilled in Block 31. The well is located 11 kilometers south of the recently announced Titania discovery.

Miranda was drilled by the Jack Ryan drillship, in a water depth of 2,436 meters, some 375 kilometers northwest of Luanda and reached a total depth of 5,116 meters TVD below sea level.

The well was tested at a flow rate of 3,822 barrels of oil per day (b/d) through a 48/64ths inch choke.

Sonangol is the concessionaire of Block 31. BP Exploration (Angola) Limited as operator holds 26.67 percent. The other interest owners in Block 31 are Esso Exploration and Production Angola (Block 31) Limited (25 percent), Sonangol E.P. (20 percent), Statoil Angola A.S. (13.33 percent), Marathon International Petroleum Angola Block 31 Limited (10 percent) and TEPA (BLOCK 31) LIMITED, (a subsidiary of the Total Group) with 5 percent.

BP's involvement with Angola goes back to the mid 1970s. During the 1990s, BP made very substantial investments in Angola's offshore oil and it is now an important part of the company's upstream portfolio. BP has interests in four blocks with operated interests in two.

Operatorship of Block 31 was awarded to BP Exploration (Angola) Limited in May 1999. The block covers an area of 5,349 square kilometers and lies in water depths of between 1,500 and 2,500 meters.

BP also has operated interests (BP 50.00 percent equity) in Block 18 where the Greater Plutonio Project is currently being developed and is due to come on stream in 2007.

BP has non-operated interests in Block 15, operated by Esso Exploration Angola (Block 15) Limited (BP 26.67 percent equity) and in Block 17 operated by Total (BP 16.67 percent equity).

BP also has a 13.6% interest in the Angola LNG project.

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