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Exxon Mobil (NYSE:XOM) has found oil at its Likembe-01 research well in Angola’s offshore Block 15, two years after the last discovery on the license, S&P Global Insights reported Tuesday.
Angola’s energy regulator reportedly said the well was drilled between February and April to a maximum water depth of 3,013 meters.
Likembe-01 is the first well to be drilled as part of an incremental production initiative by Angola to boost crude output from existing oil and gas projects in a bid to reverse years of production declines.
Exxon (XOM) operates the block with a 40% interest, alongside partners Sonangol, Equinor (EQNR) and BP-Eni (BP) (E) joint venture Azule Energy; it is one of three deepwater blocks held by Exxon offshore Angola.
Separately, Exxon (XOM) is preparing to drill an exploratory deepwater oil well ~500 km off the east coast of Newfoundland, Canadian Press reports.
The well will be drilled in the offshore Orphan Basin, which is north of the Flemish Pass Basin, where Equinor (EQNR) is considering developing the Bay du Nord project, which would be Canada’s first deepwater oil production operation.
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