ExxonMobil could invest $15 billion offshore Angola following successful exploration campaigns

(WO) – Following the results of ongoing drilling campaigns, oil and gas major ExxonMobil could invest as much as $15 billion in Angola’s Namibe basin by 2030. Active in the country for 30 years, the company is developing a series of large-scale oil and gas projects while implementing initiatives to maximize output at producing fields.

Boasting 18 discoveries in Block 15 alone, ExxonMobil is intensifying its exploration and production activities in the country, aligning with national objectives to maintain production above 1.1 MMbpd through 2027.

The company currently produces 200,000 bpd across various high-potential blocks, with interests in Blocks 15, 17, 32, 30, 44, and 45. Hitting a milestone of 2.5 Bbbl of cumulative production at Block 15 in 2023, the company remains committed to supporting production growth in Angola.

The company’s commitment to reinvesting in active oil fields is beginning to unlock new opportunities for production growth in Angola

ExxonMobil is making great strides towards maximizing production at active oil fields in Angola. In line with the country’s Incremental Production initiative – which aims to incentivize investment in producing fields through amended fiscal terms – the company made a discovery at the Likember-01 research well in Block 15 this year.

Situated in the Kizomba B development area, the well revealed the existence of high-quality hydrocarbon-bearing sand packages and was the first to be drilled as part of the Incremental Production program. The discovery follows another find made at the Bavuca Sul-1 exploration well in November 2022, both of which underscore additional potential at Block 15.

“Angola has transformed from a nascent explorer into one of Africa’s largest oil producers. ExxonMobil has contributed significantly towards the growth of the Angolan energy market through large-scale investments, innovative technologies, infrastructure development and a commitment to local empowerment. Notwithstanding the value of producing projects, the company’s commitment to reinvesting in active oilfields is beginning to unlock new opportunities for production growth in Angola, showing the value of directing capital towards maximizing output,” stated NJ Ayuk, the Executive Chairman of the African Energy Chamber.