Angola block 15 investment announced

ExxonMobil and partners have agreed further investment into deepwater block 15, offshore Angola, as part of an agreement with Angola’s National Agency for Petroleum, Gas and Biofuels (NAPGB) that extends the production sharing agreement (PSA) for the block through 2032. The deal will also give the state-owned company Sonangol a 10% equity interest in the block.

Operated by Esso Angola, block 15 has produced more than 2.2bn barrels of oil since 2003. The new investment is expected to result in an additional 40,000 b/d of oil production and increased subsea flowline capacity. It also includes a multi-year drilling programme.

The extension is well-aligned with the Angolan government’s new legislation that enables the development of marginal fields and allows companies to assess and evaluate the developability of additional fields adjacent to existing acreage.

Under the agreement, Sonangol joins the contractor group with a 10% interest, block operator Esso Angola retains a 36% stake, BP Angola has a 24% interest, Eni Angola Exploration 18% and Equinor Angola 12%.

Andre Kostelnik, ExxonMobil Managing Director for Angola (left) shaking hands with Stephen Willis, BP Angola Regional President (right)