US company Cobalt International Energy finds oil in Angola

2 May 2014

US company Cobalt International Energy has made the biggest discovery of oil in the area of the Kwanza Basin in Angola, Angolan state oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) said Thursday in Luanda.

In a statement Sonangol said that the discovery, “of a significant quantity” occurred in the pre-salt layer of Block 20/11, operated by Cobalt in the deep waters of the basin.

The Orca-1 test well,  drilled to a depth of 3,872 metres produced 3,700 barrels of oil per day and 16.3 million cubic metres of natural gas.

The US oil company estimated reserves in the area to total between 400 million and 700 million barrels of oil, the statement said.

The consortium for Block 20/11 includes Sonangol Pesquisa e Produção (30 percent), Cobalt International Energy (40 percent) and BP Exploration Angola (Kwanza Benguela), with 30 percent.

Cobalt International Energy, which is based in Houston, Texas, operated in the deep waters of the Gulf of Mexico and West Africa. (macauhub/AO)