New Ultra-Deep Find in Angola's Block 31

Thursday, October 01, 2009

Angolan national oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) and BP announced an oil discovery in ultra-deepwater block 31, offshore Angola. This is the nineteenth find made in this block.

StatoilHydro holds a 13.33% stake in block 31.

The discovery, called Tebe, is located in the southern portion of block 31 about 12 kilometres south-east of the Hebe discovery and some 350 kilometres northwest of Luanda. It was drilled in a water depth of 1,752 metres and reached a total vertical depth of 3,325 metres below sea level. Block 31 covers an area of 5,349 square kilometres and lies in water depths between 1,500 to 2,500 metres.

Well results confirmed the capacity of the reservoir to flow in excess of 5,000 barrels per day under production conditions.

Sonangol is the concessionaire of block 31 and BP is operator with a 26.67 percent stake. Other shareholders in block 31 are ExxonMobil (25%), Sonangol P&P (20%), StatoilHydro (13.3%), Marathon (10%) and Total subsidiary TEPA (5%).

Angola is a key building block for StatoilHydro’s international production growth. StatoilHydro has been in the country for 17 years and are partners in nine producing fields, which contribute more than 200,000 barrels of equity production per day.

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