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BP And Partners Confirm Investment In Angola

Gasoil News - Published on Tue, 11 Jun 2019

Image Source: Proactive Investors
BP and partners confirmed they have agreed further investment into deepwater Block 15, offshore Angola as part of an agreement with Angola's National Agency for Petroleum, Gas and Biofuels. The agreement will extend the production sharing agreement for the Block 15 through 2032 The deal will also give the state-owned company Sonangol a 10% equity interest in the block. Operated by Esso Angola, Block 15 has produced more than 2.2 billion barrels of oil since 2003. The new investment is expected to result in an additional 40,000 barrels of oil production per day and increased subsea flowline capacity. It also includes a multi-year drilling programme.

Mr Stephen Willis, BP Angola Regional President, said that "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."

Source :

Posted By : Rabi Wangkhem on Tue, 11 Jun 2019
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