BP Agrees to Further Investment in Angola's Deepwater Block 15

By Oliver Griffin

BP PLC (BP.LN) on Thursday said it has agreed to invest further into the deepwater Block 15 offshore Angola as part of a deal with the country's agency for petroleum, gas and biofuels.

The British oil and gas giant said its agreement with Angola's National Agency for Petroleum, Gas and Biofuels will see it extend the production sharing agreement for the block through 2032.

The deal will give Angola's state-run Sonangol a 10% stake in the block's equity interest.

The new investment is expected to result in an additional 40,000 barrels of oil a day and also includes a multi-year drilling program, BP said.

Once the deal is complete, Esso Anglo will retain a 36% interest, while BP Angola will have a 24% stake. The Angolan businesses of ENI SpA (ENI.MI) and Equinor ASA (EQNR.OS) will hold 18% and 12% interests respectively.

BP's Angola business is the operator of deepwater Blocks 18 and 31 offshore the African country and has interests in Blocks 15, 17, and 20, as well as the Angola liquefied natural gas project in Soyo.

Write to Oliver Griffin at [e-mail]; @OliGGriffin

(END) Dow Jones Newswires

June 06, 2019 06:13 ET (10:13 GMT)

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