BP, partners confirm investment in deepwater Angola

LUANDA and LONDON -- BP and partners today 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 (NAPGB).

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 Bbbl of oil since 2003.

The new investment is expected to result in an additional 40,000 bopd and increased subsea flowline capacity. It also includes a multi-year drilling program.

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

The extension is an important milestone for BP's Angola business and is well-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.

Under the agreement, Sonangol joins the contractor group with a 10% interest, block operator Esso Angola retains a 36% stake, BP Angola has a 24% interest, ENI Angola Exploration 18% and Equinor Angola 12%.