Report: Sonangol says Kwanza block holds more than 800 mmboe

Angola’s state-owned oil company Sonangol has reportedly provided an estimate of the reserves found in the Kwanza basin, offshore Angola.

According to a Reuters article on Wednesday titled: “Angola state oil firm finds gas in Kwanza basin“ the oil and gas company said the reserves could total 813 million barrels of oil equivalent.

The news agency further cited Sonangol, which reportedly revealed the block 20/11, in which BP has a stake, held an estimated 313 million barrels of condensate and 2.8 trillion cubic feet of gas.

It is unclear if the national oil company has made a new gas discovery, or if it was only providing an evaluation of the reserves already discovered through the partnership with Cobalt International.

Offshore Energy Today has reached out to Sonangol, seeking clarification. We will update the article if we get a response.

Cobalt Transaction

To remind, Sonangol in August 2015 made a deal to take over the operatorship of two Kwanza basin blocks from Cobalt International.

As part of the transaction, Sonangol would acquire all of Cobalt International’s 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for $1.75 billion.

As of May 3, 2016, when Cobalt International reported its results for the first quarter of the year, the Angola transaction between Cobalt and Sonangol was still pending, awaiting approval by the Angolan government.

In its report in May, Cobalt said it had completed drilling operations on the Zalophus #1 pre-salt exploration well in Block 20 offshore Angola, which resulted in a significant discovery of condensate and gas, representing the company’s sixth pre-salt discovery offshore Angola and its third discovery on Block 20.

Cobalt then said the Petroserv Catarina semi-submersible drilling rig was in the process of completing drilling operations on the Golfinho #1 pre-salt exploration well, which was Cobalt’s final exploration well commitment on Block 20 offshore Angola.

The explorer, looking to exit Angola, in May said it would ”learn more in the coming weeks,” adding that the Golfinho showed potential to become “another discovery in a remarkable run of exploration success for Cobalt in Angola.”

Offshore Energy Today Staff