Oil and gas giants reaffirm their investments in Angola

24932577595 7f68014bcf zUnder the theme Petroleum as a Catalyst for a Dynamic, Renewing and Self-Sustaining Economy, the Angola Oil & Gas conference and exhibition continued on its second day of activities with presentations, round-table discussions, interviews and networking amongst major players of the industry

On the second day, some sounding names of the oil and gas companies operating in Angola, have endorsed their presence in this market and emerging economy by reaffirming their investments in this business sector of the second largest oil producer of the sub-Saharan Africa, as demonstrated by the announcements made by ExxonMobil and its partners 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 optimize recovery and add production from mature fields,” said Hunter Farris, senior vice-president of ExxonMobil Upstream Oil & Gas Company.

As operator, ExxonMobil 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 bpd 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.

Also, the Norwegian Equinor and Sonangol have signed a cooperation agreement for exploration and experience exchange. The agreement signing is a result of the understanding of both companies, reached in June 2018. The memorandum was signed by the Sonangol chairman of the board of director, Gaspar Martins and by the president of the executive directorate, Eldar Saetre.

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