ExxonMobil-led venture makes new offshore oil discovery in Angola's Block 15

ExxonMobil (NYSE: XOM) and its partners have made a new hydrocarbon discovery in Angola’s Block 15, where the Vicango Este-01 well encountered about 25 metres of high-quality sandstone with 22% porosity, regulator ANPG said on September 9.

The find is Block 15’s 20th discovery in three decades and its third in four years, underscoring continued exploration potential in one of Angola’s most productive deepwater areas. The block has produced more than 2.7bn barrels, while its existing infrastructure could lower the cost of bringing additional discoveries into production.

The well, drilled by the Valaris (NYSE: VAL) DS-9 drillship about 370 kilometres northwest of Luanda in roughly 940 metres of water, encountered hydrocarbon-bearing sandstone, Angola’s national petroleum regulator and concessionaire said.

ANPG (Angola’s National Agency for Petroleum, Gas and Biofuels) did not disclose an estimate of recoverable resources, a flow rate or a timetable for possible development.

ANPG President Paulino Jerónimo said the block retained significant exploration potential, attributing the latest discovery partly to changes in Angola’s petroleum regulatory framework and investment incentives. He also cited measures allowing exploration within and close to existing development areas.

Block 15’s production licence was extended to 2037 under an amendment agreed in 2025.

ExxonMobil Angola President and Managing Director Brian Unietis said the discovery demonstrated the continued potential of Angola’s offshore resources.

“Discoveries like this help increase the value of existing infrastructure while supporting future production opportunities,” Unietis said.

ExxonMobil affiliate Esso Exploration Angola operates the block with a 36% interest. Azule Energy, the joint venture between bp (LSE: BP) and Eni (BIT: ENI), holds a combined 42% through Azule Angola Limited and Azule Angola BV, while Equinor (NYSE: EQNR) owns 12% through Equinor Angola Block 15 A.S. and state oil company Sonangol E&P holds 10%. ANPG is the concessionaire.