BP, partners invest in deepwater Block 15 offshore Angola; Sonangol joins as a new partner

BP, partners invest in deepwater Block 15 offshore Angola; Sonangol joins as a new partner

(PRESS RELEASE) LUANDA / LONDON, 7-Jun-2019 — /EuropaWire/ — BP and partners have agreed to invest further in deepwater Block 15, offshore Angola. The current investment is part of an agreement with Angola’s National Agency for Petroleum, Gas and Biofuels (NAPGB).

Under the new agreement, the production sharing agreement for the Block 15 will extend through 2032. Angola state-owned company Sonangol will take, as part of the new deal, a 10% equity interest in the block. Since 2003 Block 15 has produced more than 2.2 billion barrels of oil. The Block 15 is operated by Esso Angola (Esso Exploration Angola (Block 15) Ltd controlled by ExxonMobil).

Some additional 40,000 barrels of oil production per day and increased subsea flowline capacity is expected as a result of the new investment, which also includes a multi-year drilling programme.

Commenting on the deepwater Block 15 investment, Stephen Willis, BP Angola Regional President, aid:

“This is a major step forward for Block 15, unlocking significant future investment and production opportunities, and extending the life of the asset. BP is proud to be a significant partner in block 15 and we welcome Sonangol as a new partner. We acknowledge and thank the block operator Esso, Sonangol, the Agency, the Ministry and partners for their collaboration and hard work in achieving this agreement.”

The production sharing agreement extension is an important milestone for BP’s Angola business. Furthermore, the agreement extension is aligned with the Angolan government’s new legislation, which enables the development of marginal fields and allows companies to assess and evaluate the developability of additional fields adjacent to existing acreage.

As part of the new investment deal, Sonangol joins the contractor group with a 10% equity interest while block operator Esso Angola will retain a 36% stake. 24% interest is left for BP Angola while ENI Angola Exploration will control 18% and Equinor Angola the rest of 12%.

In Angola, BP has invested over $100 million in social projects such as education, enterprise development and capacity building for health, safety and environment over the past 15 years.

When it comes to BP’s hydrocarbon exploration and development business, Angola is one of the company’s key oil provinces. Angola is also a major part of the BP group’s activity in deepwater exploration and production. In Angola alone, the company (BP Angola) has a total acreage of more than 32,600km² .

The deepwater Blocks 18 and 31 offshore Angola are operated by BP Angola while the company has interests in Blocks 15, 17, 20 and the Angola LNG project in Soyo.

Media contacts:

BP press office Luanda
+244 22263 7399
antonio.vueba@bp.com

BP press office London
+44 (0)20 7496 4076
bppress@bp.com

SOURCE: BP