ExxonMobil, Partners to Redevelop Angola Block 15 to Increase Production
June 05 2019 - 12:48PM
Business Wire
- Project to produce approximately 40,000
additional barrels of oil per day
- Production-sharing agreement extends
operations through 2032
- Project will generate about 1,000 local
jobs during construction
ExxonMobil and its partners said today they will further invest
in Block 15 offshore Angola to increase production as part of an
agreement with Angola’s recently established National Agency for
Petroleum, Gas and Biofuels. As part of the agreement, Sonangol,
Angola’s state oil company, will receive a 10 percent equity
interest.
“This renewed collaboration will enable Angola to optimize
recovery and add production from mature fields,” said Hunter
Farris, senior vice president of ExxonMobil Upstream Oil & Gas
Company.
As operator, ExxonMobil will complete a multi-year drilling
program in the block and install new infrastructure technology to
increase capacity of existing subsea flow lines. The project will
generate about 1,000 local jobs during the execution phase, and
will produce approximately 40,000 additional barrels of oil per day
once online.
Changes to the production sharing agreement extend operations
through 2032 and bring Sonangol into the Block 15 partnership with
a 10 percent interest. Under the agreement, Esso Angola’s interest
is 36 percent, BP Exploration’s share is 24 percent, ENI Angola
Exploration’s interest is 18 percent and Equinor Angola’s share is
12 percent.
ExxonMobil has interest in three deepwater blocks covering
nearly 2 million gross acres in Angola. These blocks contain
substantial development opportunities and have a gross recoverable
resource potential of approximately 10 billion oil-equivalent
barrels. Block 15 has produced more than 2.2 billion barrels of oil
since 2003.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement: Statements of future events or conditions
in this release are forward-looking statements. Actual future
results, including project plans, timing, costs, capacities and
economic impacts could differ materially due to changes in market
conditions affecting the oil and gas industries or long-term price
levels for oil and gas; political and regulatory developments
including changes in environmental laws and regulations and
obtaining necessary permits and approvals; the outcome of
additional drilling and ability to implement operating and
management plans as intended including timely completion of
development and production projects; the actions of competitors;
the occurrence and duration of economic recessions; the outcome of
commercial negotiations; and other factors discussed in this
release and under the heading “Factors Affecting Future Results” on
the Investors page of ExxonMobil’s website at www.exxonmobil.com.
References to barrels of oil, gross recoverable resource and
similar terms in this release include amounts that are not yet
classified as proved reserves under SEC rules but include estimated
quantities that are expected to be ultimately recoverable. The term
“project” in this release can refer to a variety of activities and
does not necessarily have the same meaning as in any government
payment transparency reports.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190605005807/en/
Media Relations(972) 940-6007
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Apr 2023 to Apr 2024