ESSO invests US$5.1 billion in oil exploration in Angola

28 July 2014

US oil company ESSO Angola has invested around US$5.1 billion in setting up the second phase of its “Kizomba Satellite Project Two” (KSP2), initial production at which will be announced at the end of 2015.

The oil project, which will increase Angola’s oil production by over 100,00 barrels per day in 2’15, was set up to produce around 190 million barrels of oil from the areas in block 15 (Kakocha, Bavuca 2007 and Mondo Sul 2004).

ESSO ahs operated in Angola for 20 years. (macauhub/AO)