Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News December 03, 2013 at 04:06PM

this blog is spored BY reflex Eco Group

VENTURES AFRICA – One of Africa’s largest companies, the Angola National Oil Company (Sonangola E.P), has discovered a global-scale of gas reserves in Lontra well with licensed co-operators, Cobalt and BP.

According to Angop, tests conducted on the Angolan deepwater well produced a stable daily flow of 39 million cubic feet of gas and 2,500 barrels of condensed oil.

The Lontra exploration well has been drilled to a depth of more than 4.195 metres, with a penetration of about 67 metres and an effective thickness of very good quality.

The source adds that more exploration and evaluation wells will be conducted, but Lontra is already proved an international discovery with more natural gas reserves than expected.

Cobalt holds a 40 percent controlling stake in the block 20 with Sonangol, the dominant energy player in Angola, and BP both having 30 percent each.

This discovery, in addition to the previous on the Lira field of block 15/06 of the offshore, reinforce encouraging prospects regarding the exploration and contribution of natural gas to the implementation of the development strategy of the country.

Angola is estimated to have over 5 billion barrels of offshore and coastal petroleum reserves, and new discoveries are outpacing consumption by a 5 to 1 ratio according to report.

 

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