ExxonMobil, Partners to Increase Production at Block 15 Offshore Angola
June 05 2019 - 1:35PM
Dow Jones News
By Chris Wack
ExxonMobil (XOM) and its partners said Wednesday 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% equity interest.
ExxonMobil, as operator of the Block, will complete a multiyear
drilling program and install new infrastructure technology to
increase capacity of existing subsea flow lines. The project is
expected generate about 1,000 local jobs during the execution
phase, and produce about 40,000 additional barrels of oil per day
once online.
Changes to the production sharing agreement extend operations
through 2032. Under the agreement, Esso Angola's interest is 36%,
BP Exploration's share is 24%, ENI Angola Exploration's interest is
18% and Equinor Angola's share is 12%.
ExxonMobil has interest in three deepwater blocks covering
nearly 2 million gross acres in Angola. Block 15 has produced more
than 2.2 billion barrels of oil since 2003.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 05, 2019 13:20 ET (17:20 GMT)
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