Angola: ExxonMobil to invest $200m in Namibe Basin exploration

Some $200m is being invested into exploring Blocks 30, 44 and 45 in the frontier Namibe Basin offshore Angola, according to the country’s Ministry of Mineral Resources, Petroleum and Gas (MIREMPET).

The blocks are operated by ExxonMobil (60%) under Risk Service Contracts signed at the end of 2020 with Sonangol E&P (40%) and the Agency for Petroleum, Gas and Biofuel (ANPG) for the three blocks.

On Tuesday this week, the three parties signed a Memorandum of Understanding to pave the way for exploration on the blocks, during a ceremony witnessed by Minister Diamantino Pedro Azevedo.

Angola expects some $200m to be invested into seismic studies and the drilling of an exploratory well on the blocks by 2024, according to MIREMPET. In case of a successful commercial discovery, some $15bn could be invested into the development of reserves in the Namibe Basin to start production by 2030.  

“Estimated revenue for the State from the development of a single major commercial discovery can range from $20bn to $40bn, given a conservative oil price forecast of $50-60,” MIREMPET said.

ExxonMobil has mobilised the Valaris DS-9 drillship offshore Angola until July 2024, the Hawilti/Caverton Offshore Rigs Tracker shows. So far, drilling has focused on the company’s producing Block 15 where a new discovery was made at the Bavuca Sul-1 well last year.

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