ExxonMobil has renewed its production sharing contract (PSC) for the operation of block 15 with the Angolan National Agency of Petroleum, Gas and Biofuel (ANPG), extending its rights over the asset until 2037, a senior oil executive has confirmed.
The amended PSC will allow Exxon’s subsidiary in Angola, alongside other joint venture (JV) partners like Azule (a consortium of Eni and BP), Equinor, and Sonangol to continue developing the remaining resources of the deepwater block over the extended period.
“This milestone represents not only the extension of our asset’s production life, but is a celebration of the remarkable partnership between our company, the government of Angola, our valued Block 15 partners, and the people of Angola,” said Katrina Fisher, President of ExxonMobil Angola on her LinkedIn page.
Following this agreement, all partners will be expected to make an another capital investment decision that will match the design life of the several floating production storage and offloading vessels (FPSOs) already active at the field.
Angola’s Block 15
Block 15 is a prolific deep water field situated about 145 kilometres off the northern coast of Angola. Four FPSOs are working at the offshore oil block including;
- Kizomba A
- Kizomba B
- Mondo
- Saxi-Batuque
The field began producing in 2003 in phases and is one of the legacy assets in Angola. The first production from Phase 1 of the Kizomba satellite project was achieved in May 2012, followed by Phase 2 coming on stream in 2015.
The block has attracted over $47 billion in investment, with $12 billion committed by ExxonMobil alone, according to Fisher.
To date, about 2.6 billion barrels of oil have been extracted from the block.
In 2023, the field’s average daily production was 21,000 barrels of oil equivalent per day, while the latest oil discovery at the block was reported in 2024.
Angola’s recent upstream oil moves
The amended PSC fits perfectly into Angola’s broader goals of revitalizing production at mature assets and boost production portfolio.
The plan is for the Africa’s third largest oil producer to sustain daily production above the 1 million barrel mark.
The license extension comes just weeks after the Angolan government recently also extended license for Block 17 with ExxonMobil and other partners.
Just weeks ago, ANPG disclosed the government was planning to invest up to $60 billion in the oil and gas sector over the next four years.
In May, Angola’s first FPSO in recent years arrived on its shores.
The development marks a major milestone in the West Hub Development Project, spearheaded by Azule Energy.
The Agogo platform is expected to lift Angola’s daily output by at least 170,000 barrels when it starts operation in the second half of 2025.
