New Contracts in Angola - A Barrel Full

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New Contracts in Angola

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abarrelfull wrote on 21 Dec 2011 10:28
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Angola is the largest producer of oil in Africa, and has great ambitions to grow its production. Already home to many global oil players, with a large offshore industry, Angola potentially has a great deal more to offer like Brazil, with whom it was once neighbours.

This week, new offshore acreage has been awarded to a number of international oil companies.

BP

BP today confirmed that it has gained access to five more deepwater exploration and production blocks offshore Angola. These give BP a leading position in Angola, with interests in nine blocks accounting for a total acreage of 32,650 square kilometres (km2).

ENI

Eni and Sonangol E.P. signed today in Luanda a Production Sharing Contract (PSC) for the exploration of Block 35, which is situated in deepwater offshore Angola,

Cobalt

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) announced that at an official signing ceremony today in Luanda, Sonangol and Cobalt executives signed the Production Sharing Contract for Block 20 offshore Angola.

Statoil

Statoil (OSE:STL, NYSE:STO) has been awarded operatorship for blocks 38 and 39 and partner position in blocks 22, 25, 40 in the Kwanza basin in Angola.

Cobalt and Statoil have blocks in the Pre-Salt, the geology that habours Brazil's huge reserves. If the results are anything like Brazil, Angola could be in for a windfall.

Meanwhile, the IEA forecasts that Angola will increase capacity by 360 kb/d to 2.4 mb/d by 2016, and Angola becomes an LNG player next year with the completion of the Angola Soyo Lng Terminal.