Angola: Lontra-1 gas well considered commercial, says Sonangol

14 April 2016, Luanda— Sonangol EP group, owner of block 20/15 concession, according to the Presidential Decree No. 212/15 of 2 December, considered on Tuesday commercial the Lontra – 1 gas well of Block 20/15 in the Kwanza Basin.

drilling rig

Drilling rig

In a note released to the press, the Angolan State-owned Oil Company explains that this statement was assured due to the drilling and discovery of the reservoir containing natural gas and condensate.

The results of the tests, said the note, confirm the presence of gas and condensate, to the post-drilling resources (STOOIP / GIIP) estimated at 139 million barrels of condensate and 2.5 trillion cubic feet of gas, totalling 570 million barrels of oil equivalent.

So, Sonangol, according to the # 7 and # 8 of article 29 of Block Production Sharing Contract 20/11, it will be initiated contacts with the 20/11 block concession operator for the discussion of possible options.

This discussion aims for “the use, development and monetization of the discovered natural gas resources “.

At the same time, in coordination with the Ministry of Petroleum that oversees the oil industry, Sonangol will continue to work with the executive for the essential definition of appropriate legislation and regulatory, contractual and tax framework.

The idea is to ensure the continued investment for the confirmation of natural gas exploration potential and the monetization of the resources discovered in the general framework of the strategy for the gasification of the national economy.

 

  • Angola Press
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