Agreement signed on Block 4 in Angola
Hydro has signed a Production Sharing Agreement (PSA) with Sonangol EP for Block 4 offshore Angola.
Block 4 represents a continuation of the long-term cooperation between Sonangol and Hydro. Hydro and Sonangol P&P have been exploring the block since early 2003 and a discovery was made in September 2004 under a prospecting license.
The discovery is at about 700 meters water depth and is being evaluated for a stand-alone development.
Final approval of the project is scheduled to be made during the first half of 2006, and production is planned to start by the end of 2007. Recoverable volumes from the discovery are estimated at 50 million barrels of oil.
In addition to developing the discovery, further exploration activity will be carried out on the block.
Partners in Block 4:
|Sonangol P&P (operator)|| |
|Norsk Hydro Quatro a.s|| |
|Angola Consulting Resources Limitada (ACR)|| |
|Sociedade Petrolífera Angolana SA (Somoil)|| |