US-based energy company ExxonMobil, along with its partners, has unveiled plans to redevelop Block 15 offshore Angola in a bid to increase production.
The move is a part of an agreement with Angola’s National Agency for Petroleum, Gas and Biofuels. The agreement provides state-owned oil company Sonangol 10% stake in Block 15 and extends operations through 2032.
Following the amendments Esso Angola, an affiliate of ExxonMobil, holds 36% interest in the resource. BP Exploration (24%), Eni Angola Exploration (18%) and Equinor Angola (12%) are other stakeholders.
ExxonMobil Upstream Oil & Gas Company senior vice-president Hunter Farris said: “This renewed collaboration will enable Angola to optimise recovery and add production from mature fields.”
As part of the redevelopment plan, ExxonMobil will carry out a multi-year drilling programme in the block. New infrastructure technology will also be installed to boost the capacity of existing subsea flow lines.
Once complete, production from Block 15 is expected to increase by 40,000 barrels of oil per day. During the implementation phase, the project is estimated to generate around 1,000 local jobs.
In Angola, ExxonMobil has stakes in three deepwater blocks, namely Block 15, Block 17 and Block 32. Overall, they encompass an area of around two million gross acres and offer a gross recoverable resource potential of around ten billion oil-equivalent barrels.
Since 2003, Block 15 has produced more than 2.2 billion barrels of oil.
The development comes just days after Eni made its fifth light oil discovery in Block 15/06, offshore Angola. The latest discovery is expected to host 300 and 400 million barrels of light oil.