12 °c
London
Sunday, January 29, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Angola’s State-Run Sonangol Confirms More Oil And Gas In Major Discovery

FurtherAfrica by FurtherAfrica
June 23, 2016
in Africa, Angola, Economy, Export, FDI, Finance, Natural Resources, Oil, Trade
Reading Time: 2 mins read
1.2k 50
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Angola’s state-run oil giant Sonangol, recently taken over by the president’s daughter, has announced a gas discovery in the offshore Kwanza Basin that could hold 813 million barrels of oil equivalent, news agencies report.

The discovery is in Block 20/11 and BP Plc holds an interest in this block along with the Angolan state company.

According to Sonangol, the block holds an estimated 313 million barrels of condensate and 2.8 trillion cubic feet of natural gas.

Despite Angola’s dire economic straits, this is the seventh recent discovery.

This follows up on the initial news of the discovery, announced in April by Sonangol and later in May by U.S. operator Cobalt. Cobalt had unveiled the discovery of condensates and natural gas in the Zalophus #1 well in Block 20 offshore Angola, in the sixth pre-salt discovery offshore Angola, and the third such in this same block.

The new estimates are significantly higher than earlier estimates. When the initial discovery was made in late April, Sonangol had stated: “The test results confirm the presence of gas and condensate, and estimated post-drilling resources of 139 million barrels of condensate and 2.5 trillion cubic feet of gas, for a total of 570 million barrels of oil equivalent”.

Cobalt is currently the operator of the block with a 40 percent stake in partnership, while state-run Sonangol holds 30 percent and BP Exploration Angola holds 30 percent.

In April, Sonangol also discovered huge reserves of oil and natural gas, which according to initial estimates could produce up to 2 million barrels a day for three years.

Sonangol has not given the country any revenues since January, Angolan President Jose Eduardo dos Santos said Wednesday on the sidelines of the Council of Ministers economic meeting, the Associated Press reported.

Africa’s largest oil producer—having recently overtaken Nigeria, whose production has dropped due to a resurgence of Niger Delta militancy—is reeling from low oil prices, with oil comprising about 45 percent of its GDP and over 95 percent of its exports.

Earlier in June, the president appointed his daughter, Isabel dos Santos, to run Sonangol amid much controversy.
Source: Oil Price

Related

Tags: AngolaBPBP ExplorationCobalt Oilnew discoverySonangol
ScanSendShare505Tweet316Share88Pin114Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Aid

WFP welcomes major donation of €65.5M from EU to address food crisis in 11 African countries

by FurtherAfrica
January 29, 2023
Health

Zebra meat a potential protein source – researchers

by Farmers Review Africa
January 29, 2023
Wildlife

Tusk Conservation Awards open nominations

by Fabio Scala
January 29, 2023
Travel

Top 10 West Africa beach resorts romantic getaway

by See Africa Today
January 29, 2023
King Charles visits The Africa Centre in London
Culture

King Charles visits The Africa Centre in London

by Fabio Scala
January 28, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Aid

WFP welcomes major donation of €65.5M from EU to address food crisis in 11 African countries

by FurtherAfrica
January 29, 2023
0

An essential and timely contribution of €65.5 million from the European Union, received through its Humanitarian Aid department (ECHO), has...

Read more

Zebra meat a potential protein source – researchers

January 29, 2023

Tusk Conservation Awards open nominations

January 29, 2023

Top 10 West Africa beach resorts romantic getaway

January 29, 2023
King Charles visits The Africa Centre in London

King Charles visits The Africa Centre in London

January 28, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 99,627 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?