ExxonMobil signed an agreement with Angolan state-owned Sonangol Wednesday to redevelop deepwater oil Block 15.
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Exxon Mobil’s director general in Angola, Andre Kostelnik, signed the deal on the key lucrative deepwater block with Sonangol’s chairman Sebastiao Gaspar Martins during the Angola Oil and Gas conference in Luanda.
Block 15 is an existing development with a recoverable resource potential of approximately 4 billion gross oil-equivalent barrels, and more than 2 billion barrels have been produced since 2003.
A joint statement on the details of the agreement will be released later in the day, Kostelnik said.
Angola’s deepwater blocks have seen renewed interest from international oil companies in the past year due to some reforms by Angola’s government. The government has started offering tax breaks to encourage companies to link existing marginal discoveries to operating production platforms.
This license consists of Kizomba Satellites Phase 2 project, and is one of Angola’s largest oil producing blocks.
Block 15/06, which is close to the ExxonMobil Block 15, has proved lucrative for rival Eni, which has made five discoveries in the past 12 months. These five discoveries altogether are estimated to contain up to 1.8 billion barrels of light oil in place, with possible upside.
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