| Sonangol Signs PSA for Block 10
Sonangol, Angola’s state oil company, announced
this week that it has signed a production sharing agreement
(PSA) with Kerr-McGee Angola, a wholly-owned affiliate of Kerr-McGee
Oil and Gas Corporation.
Under the agreement, Kerr-McGee will hold a 25 percent interest
in Block 10 located offshore Angola. Devon Energy Corporation
is the operator of the block and holds a 35 percent interest,
while Sonangol holds the remaining 40 percent interest.
“Obtaining interest in this offshore Angola block is consistent
with our strategy of pursuing high-potential exploration opportunities
in proven world-class petroleum provinces," said Dave Hager,
Kerr-McGee senior vice president responsible for oil and gas
exploration and production. "Two primary prospects have
been identified through an extensive 3-D seismic program covering
a majority of the block. Both prospects appear to have the potential
to be stand-alone developments if successful," he added.
One or two exploratory wells will likely be drilled in the second
half of this year.
Block 10 is located off the coast of Lobito in Angola’s deepwater
Benguela Basin. It extends from the coastline to 30 miles offshore
and covers approximately 1.2 million acres with water depths
extending to approximately 3,300 feet (1,000 m). Devon estimates
that the block has commercial potential of over 400 million
barrels of oil.
For more information, visit our web site
www.investinangola.com
(ANIP
NEWS)
Press-center of Angola Embassy in Russia
27.05.2005
Embassy of Republic of Angola, 2005
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