Mobil Corporation (NYSE:XOM) announced today that its subsidiary,
Esso Exploration Angola (Block 15) Limited (Esso Angola), has started
production from the Kizomba Satellites Phase 1 project offshore Angola.
The Kizomba Satellites initial phase is expected to ultimately produce
100,000 barrels of oil per day, and recover a total of approximately 250
million barrels from the Mavacola and Clochas fields, located 95 miles
off the coast of Angola in water depths of approximately 4,500 feet.
'This project combines ExxonMobil′s project management expertise with
local suppliers and businesses to maximize the value of Angola′s
significant petroleum resources,? said Neil Duffin, president of
ExxonMobil Development Company. 'The Kizomba Satellites project was
completed ahead of schedule and with industry-leading safety
performance, as was the case with previous Block 15 developments.?
Phase 1 of the project will develop 18 wells with subsea tiebacks to the
existing Kizomba A and B floating, production, storage and offloading
(FPSO) vessels, optimizing the capabilities of on-block facilities to
increase current production levels without requiring an additional FPSO
vessel.
The Kizomba Satellites development has achieved a high level of Angolan
content, with approximately $1.5 billion invested in local goods and
services, including contracts for fabrication, logistics support and
training and development of Angolan personnel. Angolan participation in
Block 15 projects has increased significantly over time as local
companies, working with ExxonMobil and the Block 15 Contractor Group,
developed their capabilities to perform the work required for such
complex projects.
'Nearly 100 percent of the topsides and subsea equipment were fabricated
in Angola, and we have provided more than 10,000 hours of skill-based
training to Angolan contractor personnel for the project,? said St?phane
de Mahieu, Esso Angola Managing Director.
ExxonMobil was awarded Block 15 in 1994 and, to date, has discovered a
total of approximately 5 billion oil-equivalent barrels. First oil was
produced from Block 15′s Xikomba field in 2003, followed by startups of
Kizomba A in 2004, Kizomba B in 2005, and Kizomba C in 2008.
Other Block 15 developments include the Gas Gathering project, which
commenced on-block gas handling in 2011 and is transporting associated
gas to the Angola LNG facility in Soyo. Development planning continues
for several of the remaining discovered resources at Block 15, including
the Kizomba Satellites Phase 2 and the 2009 Mondo South discovery.
In addition to Esso Angola (Operator, 40 percent interest), other
co-venturers in Block 15 are BP Exploration (Angola) Limited (26.67
percent), Eni Exploration Angola B.V. (20 percent) and Statoil Angola
Block 15 AS (13.33 percent). Sonangol is the concessionaire.
CAUTIONARY STATEMENT: Statements in this release regarding future events
and conditions are forward-looking statements. Actual future results,
including production rates, resource recoveries and project plans, costs
and timing, could differ materially due to changes in long-term oil and
gas price levels or other market conditions affecting the oil and gas
industry; political or regulatory developments; actual future reservoir
performance; unexpected technical or operating events; the outcome of
commercial negotiations; and other factors discussed under the heading
'Factors Affecting Future Results' posted in the Investor Information
section of our website ( References in this release to resource volumes, including barrels of
oil, include quantities that are not yet classified as 'proved reserves'
under U.S. SEC definitions but that we believe will ultimately be
produced.
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