ExxonMobil Announces Another Discovery Offshore Angola

Exxon Mobil Corporation announced that its affiliate, Esso Exploration Angola (Block 15) Limited (Esso), has made a deepwater oil discovery, its tenth oil find on Angola Block 15.

The discovery well, named Mbulumbumba-1, was drilled in 2,790 feet of water to a total depth of 12,400 feet by Transocean Sedco Forex's semisumbersible, MG Hulme Jr. It is located approximately 220 miles northwest of Luanda.

Esso and Sociedade Nacionale de Combustiveis de Angola (Sonangol), the state oil company of Angola, have previously announced nine Block 15 discoveries, with the Hungo, Kissanje, Marimba and Dikanza discoveries during 1998, the Chocalho and Xicomba discoveries in 1999, and the Mondo, Saxi, and Batuque discoveries in 2000.

Block 15 represents a world-class development opportunity with recoverable hydrocarbon potential in excess of 3.5 billion oil equivalent barrels. Planning for multiple developments is underway with the first due to come on stream in 2004.

Esso is the operator with a 40 percent interest Other participants in Block 15 are BP Exploration (Angola) Limited with 26.67 percent, Agip Exploration B.V. with 20 percent and Statoil with the remaining 13.33 percent.

Including Block 15, ExxonMobil affiliates have to date participated in 24 key announced deepwater discoveries offshore West Africa.