USA: Oil Production Exxon Mobil to Increase ‘Block 15’ Production Offshore Angola
Exxon Mobil along with its partners plan to further invest in Block 15 and aim to produce approximately 40,000 additional barrels of oil per day. The project is also expected to generate about 1,000 local jobs during construction.
Texas/USA – Exxon Mobil and its partners have recently stated that 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 per cent equity interest.
“This renewed collaboration will enable Angola to optimise recovery and add production from mature fields,” said Hunter Farris, senior vice president of Exxon Mobil Upstream Oil & Gas Company.
As operator, Exxon Mobil will complete a multi-year drilling programme 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 per cent interest. Under the agreement, Esso Angola’s interest is 36 per cent, BP Exploration’s share is 24 per cent, ENI Angola Exploration’s interest is 18 per cent and Equinor Angola’s share is 12 per cent.
Exxon Mobil 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.