ExxonMobil Finds More Hydrocarbons in Angola’s Offshore Block 15
ExxonMobil Holdings Corporation XOM, a U.S. oil and gas giant, has made a new oil and gas discovery offshore Angola at the Vicango East-01 exploration well. The well is located approximately 370 kilometers northwest of Luanda, the capital city of Angola. The exploration well was drilled to a depth of 3,085 feet using the Valaris DS-9 drillship. The oil discovery was made in Block 15 offshore Angola, marking the 20th find in the block over the past 30 years.
The exploratory well has found approximately 82 feet of high-quality sandstone containing hydrocarbons. Angola’s National Oil, Gas and Biofuels Agency, along with the other partners in Block 15, highlighted that the sandstone had a porosity of 22%, indicating favorable reservoir quality and the potential to hold hydrocarbons. The prolific Block 15 is a major oil and gas resource for Angola, having already produced more than 2.7 billion barrels of oil over the past 30 years. The new hydrocarbon find demonstrates the region’s exploration potential.
ExxonMobil has a successful history of operating in Block 15 for more than 20 years, and the company believes that the offshore block still has significant untapped potential. XOM’s continued exploration efforts underscore its commitment to developing Angola’s offshore resources and expanding its long-term production potential. Furthermore, new discoveries around existing infrastructure could lower the cost and development timelines, accelerating future production.
ExxonMobil operates Block 15, holding a 36% interest in the block through its affiliate Esso Exploration Angola (Block 15) Limited. Azule Angola Limited and Azule Angola BV are partners in the block. The other partners include Equinor Angola Block 15, with a 12% stake, and Sonangol E&P, with 10%.
Angola’s National Oil, Gas and Biofuels Agency is the concessionaire of Block 15. The regulatory agency attributed the ongoing exploration efforts in Block 15 partly to changes in the country’s legal and fiscal policy frameworks. These include, among other policies, an extension of the Block 15 license until 2032, giving XOM more time to explore and develop resources in the block. Since ExxonMobil believes that Block 15 still has more resources that can be discovered, the extended license and more favorable regulatory and fiscal terms provide XOM with additional time and flexibility to pursue further exploration and development opportunities in the block.
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