Development of Bloc 32 in Angola’s offshore requires US$1.5 billion

21 February 2006

Lisbon, Portugal, 21 Feb – Beginning oil production in Bloc 32 in Angola’s offshore oil fields, operated by France’s Total, is expected to require an investment of US$1.5 billion, Portuguese financial daily Jornal de Negócios reported Monday.

A source from Portugal’s Galp, which has a 5 percent stake in Bloc 32, said that the partners involved were already preparing a production development plan, following a new oil strike this month, in the well named Mostarda.

The development plan is due to be completed between 2011 and 2012.

The proximity of the five oil discoveries so far in Bloc 32, all within 20 to 30 kilometers of each other, should make it possible to jointly develop the bloc.

Deep water Bloc 32, is located some 180 kilometers off the coast, northeast of Luanda.

The bloc’s concession-holder is state oil company Sonangol with a 20 percent stake, which has as its partners Marathon Oil Company (30 percent), Esso (15 percent) and Galp Energia, via Petrogal (5 percent).

Total E&P Angola, a Total group subsidiary, is the bloc’s operator, with a 30 percent stake in the consortium. (macauhub)