Spanish group Repsol strikes oil in Angola’s pre-salt layer

22 October 2014

Spanish oil group Repsol has discovered oil in the first well it has drilled in the pre-salt layer in Angola, in the deepwater Kwanza Basin, the group’s chairman Antonio Brufau said.

The discovery was made in block 22/11, known as “Locosso”, at a depth of over 4,500 meters deep (water, soil and salt layer), in which Repsol has a 30-percent stake and is the operator.

“There is oil,” said Antonio Brufau, cited by financial news agency Bloomberg, adding that its commercial potential was being analysed.

Information from the Angolan Oil Ministry shows that the consortium that owns the rights to block 22/11, which includes Angolan company Sonangol (50 percent) and Norway’s Statoil (20 percent), has invested US$94 million in this survey, or just over half the amount earmarked for the process.(macauhub/AO)