The National Oil, Gas and Biofuels Agency (ANPG) and ExxonMobil, as Operator of Block 15, signed on May 7th, in Luanda, the Letter of Agreement for the recovery of additional research costs. This step aims to encourage investors to drill more exploration wells, safeguarding cost recovery within the scope of the Incremental Production Project.
The President of the ANPG Board of Directors, Paulino Jer贸nimo, and the General Director of ExxonMobil, Katrina Fisher, signed the Letter Agreement for the recovery of additional research costs.
The Incremental Production Project is a strategy that aims to maximize the recovery of hydrocarbons in the Oil Concessions in production, located in the maritime zone of Angola, which involves adding new oil and expanding the economic attractiveness of new projects in mature fields and areas not yet developed.
In this sense, the additional Research activities in Block 15 (constituted by ExxonMobil, Sonangol, Azule Energy and Equinor) contribute to mitigating the sharp decline in production, ensuring the identification of additional resources that are commercially and economically viable, in light of the Contract current Production Sharing Agreement (CPP).
The ceremony was witnessed by ANPG Executive Directors, Alcides Andrade, Nicola Mvuayi and Ana Miala, among other managers and sector experts.