BP grows deepwater exploration with major Angola acreage win

Source: BP

BP (NYSE:BP) 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 kilometers (km2).

In a ceremony in Luanda, in the presence of state oil company Sonangol’s president Manuel Vincente and BP group chief executive Bob Dudley, the production sharing agreements were signed for four new blocks covering 19,400 km2 in the Kwanza and Benguela basins.

Separately, BP has recently taken a 40% stake in the 4,840 km2 Block 26 in the Benguela basin, by agreeing a farm-in deal with Brazilian national oil company, Petrobras, which operates the block. 

“In October, we told the markets we would build on our strengths in exploration and in the deepwater to provide future growth for BP. This new access builds on the major presence we have developed in Angola over the past 10 years, investing a total of $21 billion in the business. We plan to double our global spend on exploration and this huge new acreage gives us more great opportunities. We look forward to working with Sonangol in the Kwanza and Benguela basins,” said Bob Dudley. “The last 14 months have been our most successful for a decade in gaining new access for exploration – with 69 new exploration licenses in 11 countries.”

BP was awarded operatorship of Blocks 19 and 24 with 50% interest, and additional non-operating interests in Blocks 20 (20%) and 25 (15%). With Block 26, the five new blocks cover a total area of 24,000 km2 in water depths from 200 to 2500 meters, and increase BP’s total Angolan acreage by 275%.



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