Angola’s block 31 yields 18th find

May 27, 2009, 16:11 CEST
Angola’s national oil company Sonangol P&P and BP Exploration (Angola) Limited today announced the Oberon oil discovery in block 31. It is the 18th find made by BP in the block. Oberon is located in the southern part of block 31, near the Dione discovery.

“We are very pleased with recent drilling results in our Angolan licence portfolio. The prospects being tested will support existing production or help to improve ongoing hub development planning. They have been high graded both technically and economically to create value and we see the result of that in the high success rate,” says Erik Finnstrøm, vice president StatoilHydro global exploration, South Atlantic.

Oberon was drilled in a water depth of 1,624 metres some 335 kilometres north-west of Luanda. The well reached a total vertical depth of 3,622 metres below sea level. Well test results confirm the capacity of the reservoir to flow in excess of 5,000 barrels per day under production conditions.

Sonangol P&P is the concessionaire of block 31 and holds a 20% stake.
BP Exploration (Angola) Limited is operator with a 26.67% share. Other licencees in block 31 are ExxonMobil with 25%, Marathon International with 10% and TEPA (a subsidiary of the Total group) with 5%.

Facts about Angola:
Angola is a key building block for StatoilHydro’s international production growth. 

StatoilHydro has been in the south-west African country for 17 years and are now partners in nine producing fields, which contribute more than 200,000 barrels of equity production per day to our portfolio.

StatoilHydro has delivered more than 30% annual production growth since 2001 and Angola is one of the main contributors to this result.

StatoilHydro’s current asset portfolio in Angola comprises a 20% working interest in block 4/05, a 13.33% stake in block 15, the 13.33% interest in block 31, a 5% interest in block 15/06, a 23.33% interest in block 17, and a 50% interest in block 34.