BP, ConocoPhillips and Statoil to invest US$3.1 billion in oil prospecting in Angola

20 August 2013

BP, ConocoPhillips and Statoil plans to invest US$3.1 billion in 2013 in prospecting at 20 oil wells in the Angolan sea, financial news agency Bloomberg reported, citing a consultant from the Wood Mackenzie company.

Consultant David Thomson said that the investment, which will be the biggest ever deep water drilling project in Angola, will be carried out in the so-called pre-salt layer.

Thomson also said that if large reserves were found, similar to those on the other side of the ocean, in Brazil, Angola could overtake Nigeria to become the largest oil producer in Africa.

He added that the Angolan authorities’ target of increasing production to over 2 million barrels of oil per day in 2017 “is perfectly possible.”

As well as the three oil groups mentioned, Petróleo Brasileiro, Vaalco Energy, Repsol, ENI and Total also plan to drill test wells. (macauhub)