Cobalt and partners announce oil find offshore Angola

Cobalt-offshore-drilling-rigUS firm Cobalt International Energy and its partners announced that they have discovered significant quantities of oil offshore Angola in the Kwanza basin

Calling the find the biggest so far in the pre-salt layer, the Angolan National Concessionaire Sonangol, Cobalt and the Block 20 partners – Sonangol P&P and BP – revealed the results of the drill stem test for the Orca-1 pre-salt deepwater exploration well in Block 20.

Sonangol said in statement that the exploration well, reached a final depth 3,872 metres and was successfully tested and produced more than 3,700 barrels of oil per day and 16.3mn cubic metres of gas.

Results of an extensive logging, coring and fluid acquisition programme in addition to the drill stem test confirm a significant discovery, which is the largest oil discovery found to date in the Kwanza basin, the company said.

Operator Cobalt, which counts Goldman Sachs Group and private equity firms Riverstone and First Reserve as investors, holds a 40 per cent stake in block 20/11 while Sonangol and BP own 30 per cent each.

“We are very encouraged and excited by our results and the extraordinary flow capacity of the Orca reservoir which gives us confidence that wells in the field will flow oil at rates equal to or greater than the rates we expect in our Cameia field.

“In addition, our drilling operations continue to improve, and our understanding of the Kwanza Basin reservoir systems has greatly improved by the extensive testing program that we carried out on this well,” said Joseph H Bryant, chairman and chief executive officer, Cobalt.

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