Exxon to integrate Angolan finds in integrated development
July 21, 1998 After confirming its third major deepwater oil find in block 15 off Angola, Exxon is moving ahead with
plans to bring onstream the 3 fields in an integrated development.
The latest discovery, called Hungo, boosts total recoverable oil reserves in the block to 1 bn boe, Exxon chairman
Lee Raymond said.
Hungo-1, which was actually completed in mid-May, encountered 4 oil-bearing reservoirs, 3 of which flowed at a
combined rate of 15,900 bpd. It was drilled in a water depth of 1,202 m by the Ocean Valiant semi-submersible to a
total depth of 10,240 m. The rig was subsequently moved to drill the Puita-1 well in the north of block 15.
Further appraisal of Hungo as well as the previous Kissanje (6,800 bpd) and Marimba (10,000 bpd) finds is planned to
"determine the actual recoverable reserves of the 3 discoveries", Exxon said.
Analysts conservatively estimate the 3 fields each contain recoverable reserves of about 250 mm barrels with Hungo
thought to be the largest.
If the finds are deemed commercial, Exxon's new Upstream Development Co in Houston will handle integrated development
planning, project execution, development drilling and operations.
Exxon has a 40 % stake in block 15. Its partners are BP (26.67 %), Agip (20 %) and Statoil (13.33 %).
