Exxon Mobil Corp. and its partners said June 5 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.
“This renewed collaboration will enable Angola to optimize recovery and add production from mature fields,” said Hunter Farris, senior vice president of Exxon Mobil Upstream Oil & Gas Co.
As operator, Exxon Mobil 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 about 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% interest. 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%.
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 about 10 billion oil-equivalent barrels. Block 15 has produced more than 2.2 billion barrels of oil since 2003.
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Nick Varel, who founded two highly successful companies before the age of 40 and currently leads Permian Basin-focused Wing Resources, is today’s Forty Under 40 honoree.