Market Overview

ExxonMobil, Partners to Redevelop Angola Block 15 to Increase Production

  • Project to produce approximately 40,000 additional barrels of oil per
  • Production-sharing agreement extends operations through 2032
  • Project will generate about 1,000 local jobs during construction

and its partners said today 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 percent 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 program 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 barrels of oil per day once online.

Changes to the production sharing agreement extend operations through
2032 and bring Sonangol into the Block 15 partnership with a 10 percent
interest. Under the agreement, Esso Angola's interest is 36 percent, BP
Exploration's share is 24 percent, ENI Angola Exploration's interest is
18 percent and Equinor Angola's share is 12 percent.

ExxonMobil has interest in three deepwater blocks covering nearly 2
million gross acres in Angola. These blocks contain substantial
development opportunities and have a gross recoverable resource
potential of approximately 10 billion oil-equivalent barrels. Block 15
has produced more than 2.2 billion barrels of oil since 2003.

About ExxonMobil

ExxonMobil, the largest publicly traded international energy company,
uses technology and innovation to help meet the world's growing energy
needs. ExxonMobil holds an industry-leading inventory of resources, is
one of the largest refiners and marketers of petroleum products, and its
chemical company is one of the largest in the world. For more
information, visit
or follow us on Twitter

Cautionary Statement: Statements of future events or conditions in this
release are forward-looking statements. Actual future results, including
project plans, timing, costs, capacities and economic impacts could
differ materially due to changes in market conditions affecting the oil
and gas industries or long-term price levels for oil and gas; political
and regulatory developments including changes in environmental laws and
regulations and obtaining necessary permits and approvals; the outcome
of additional drilling and ability to implement operating and management
plans as intended including timely completion of development and
production projects; the actions of competitors; the occurrence and
duration of economic recessions; the outcome of commercial negotiations;
and other factors discussed in this release and under the heading
"Factors Affecting Future Results" on the Investors page of ExxonMobil's
website at
References to barrels of oil, gross recoverable resource and similar
terms in this release include amounts that are not yet classified as
proved reserves under SEC rules but include estimated quantities that
are expected to be ultimately recoverable. The term "project" in this
release can refer to a variety of activities and does not necessarily
have the same meaning as in any government payment transparency reports.

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at