Exxon Mobil and partners have made a new hydrocarbon discovery in the offshore Bavuca Sul-1 exploration well off Luanda's coast, Angola's National Agency of Petroleum, Gas and Biofuels (ANPG) said on Nov. 7.

"The well encountered 98 feet [30 m] of high-quality sandstone containing hydrocarbons," ANPG said in a statement.

The well, located in Block 15 about 365 km northwest of the coast of Luanda, was drilled through a water sheet of 1,100 m, ANPG said.

"As operator of the Block, ExxonMobil is implementing new technology and multi-year drilling technologies and a multi-year drilling program and expects to produce approximately 40,000 bbl of oil per day, which will help offset natural production declines [elsewhere]," ANPG added.

Esso Exploration Angola (Block 15) Ltd., an Exxon Mobil subsidiary, is operator of Block 15 with a 36% stake. BP Exploration (Angola) Ltd. holds 24%, ENI Angola Exploration B.V. holds 18%, Equinor Angola Block 15 A.S. holds 12% and Sonangol P&P has 10%.