Cobalt Reports Drill Stem Test Results for Well Offshore Angola

Cobalt International Energy, Inc. announced that its drill stem test of the lowest interval drilled in the Cameia #2 well in Block 21, offshore Angola, did not produce measurable hydrocarbons. The Cameia #2 drill stem test did however confirm the existence of a lower interval potentially capable of high flow rates across the basin. This interval had not previously been penetrated or tested in the Kwanza Basin.

The Cameia #2 well did confirm the presence of the same high quality hydrocarbon bearing mound reservoir that was penetrated by the original Cameia #1 discovery well.

"While I am disappointed this deep interval did not flow oil to the surface, I am encouraged by this interval's potential for significant flow rates across the basin. This information is important as we continue the evaluation of the Kwanza Basin Pre-salt's upside potential," noted James W. Farnsworth, Cobalt's chief exploration officer. "In addition, as we previously announced, Cameia #2 confirmed the extension of the same exceptional mound reservoir as seen in Cameia #1."

The results of this drill stem test have no bearing on the commerciality of the Cameia Mound Development Project and Cobalt is continuing to work with the Concessionaire to move this project to sanction.

The Diamond Offshore Ocean Confidence (UDW semisub) is now in the process of temporarily abandoning the Cameia #2 well. The wellbore will be used as part of the Cameia Mound Development Project, which is expected to be sanctioned in early 2014. Following this operation the Ocean Confidence will move to and commence drilling the Mavinga #1 Pre-salt exploratory well located adjacent to and north of the Cameia discovery.

Cobalt anticipates that the Pre-salt Lontra #1 exploratory well in Angola Block 20 will spud as planned in the second quarter of 2013. Lontra #1 will be drilled with the Petroserv SSV Catarina (UDW semisub), which is currently in Angola undergoing final acceptance testing.

In addition, the Ocean Rig Olympia (UDW drillship) has spud the Diaman #1 well, located on the Diaba block, offshore Gabon. Diaman #1, which is operated by Total Gabon, will be the first deepwater Pre-salt well drilled in Gabon.

Finally, drilling operations continue in the deepwater Gulf of Mexico on the Ardennes Prospect, located in the prolific Inboard Lower Tertiary play. Cobalt plans to spud three additional wells during 2013 in the West African Pre-salt and the Gulf of Mexico Inboard Lower Tertiary trends.

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Cobalt Reports Drill Stem Test Results for Well Offshore Angola

Cobalt International Energy, Inc. announced that its drill stem test of the lowest interval drilled in the Cameia #2 well in Block 21, offshore Angola, did not produce measurable hydrocarbons. The Cameia #2 drill stem test did however confirm the existence of a lower interval potentially capable of high flow rates across the basin. This interval had not previously been penetrated or tested in the Kwanza Basin.

The Cameia #2 well did confirm the presence of the same high quality hydrocarbon bearing mound reservoir that was penetrated by the original Cameia #1 discovery well.

"While I am disappointed this deep interval did not flow oil to the surface, I am encouraged by this interval's potential for significant flow rates across the basin. This information is important as we continue the evaluation of the Kwanza Basin Pre-salt's upside potential," noted James W. Farnsworth, Cobalt's chief exploration officer. "In addition, as we previously announced, Cameia #2 confirmed the extension of the same exceptional mound reservoir as seen in Cameia #1."

The results of this drill stem test have no bearing on the commerciality of the Cameia Mound Development Project and Cobalt is continuing to work with the Concessionaire to move this project to sanction.

The Diamond Offshore Ocean Confidence (UDW semisub) is now in the process of temporarily abandoning the Cameia #2 well. The wellbore will be used as part of the Cameia Mound Development Project, which is expected to be sanctioned in early 2014. Following this operation the Ocean Confidence will move to and commence drilling the Mavinga #1 Pre-salt exploratory well located adjacent to and north of the Cameia discovery.

Cobalt anticipates that the Pre-salt Lontra #1 exploratory well in Angola Block 20 will spud as planned in the second quarter of 2013. Lontra #1 will be drilled with the Petroserv SSV Catarina (UDW semisub), which is currently in Angola undergoing final acceptance testing.

In addition, the Ocean Rig Olympia (UDW drillship) has spud the Diaman #1 well, located on the Diaba block, offshore Gabon. Diaman #1, which is operated by Total Gabon, will be the first deepwater Pre-salt well drilled in Gabon.

Finally, drilling operations continue in the deepwater Gulf of Mexico on the Ardennes Prospect, located in the prolific Inboard Lower Tertiary play. Cobalt plans to spud three additional wells during 2013 in the West African Pre-salt and the Gulf of Mexico Inboard Lower Tertiary trends.

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Eni Strikes Again Offshore Angola

Eni has made its ninth oil discovery in Block 15/06, in deep water offshore Angola, increasing the resource base of the West Hub project. The discovery was made through the Vandumbu 1 well, located approximately 93 miles (150 kilometers) from the coast. The well was drilled at a water depth of 3,202 feet (976 meters) and reached a total depth of 13,474 feet (4,107 meters).

Additional drilling has been carried out from the Vandumbu 1 well in different direction (side track), Vandumbu 1 ST, that reached a depth of 11,417 feet (3,480 meters), finding a net oil (34 degree API) pay of 374 feet (114 meters), contained in Lower Miocene high quality sand. As suggested by data acquired, Eni estimates that Vandumbu 1 ST has a production capacity in excess of 5,000 barrel of oil per day.

Eni is operator of Block 15/06 with 35%. The other partners of the joint venture are SSI Fifteen Limited (25%), Sonangol (15%), Total (15%), Falcon Oil Holding Angola SA (5%) and Statoil Angola Block 15/06 (5%).

This discovery confirms Angola as one of the core countries in Eni's organic growth strategy. Eni has been present in the country since 1980 with a net production of 102,000 barrels per day in 2011.

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Statoil Secures Rig for Angola Exploration

Statoil announced Friday that it has secured the Stena Carron (UDW drillship) vessel for a three-year contract that will see the rig use for exploration drilling in two pre-salt blocks in the Kwanza Basin, offshore Angola.

The contract, managed by Stena Drilling, has an estimated value of $700 million. Statoil has also secured two one-year extensions.

In Angola, Statoil will test the pre-salt potential of the Kwanza blocks by drilling wells in blocks 38 and 39.

Statoil said that it has also allocated the Discoverer Americas (UDW drillship) to East Africa to perform exploration drilling in Statoil-operated blocks in Tanzania and Mozambique. There, the firm plans to drill three-to-four wells that will test for further potential in Block 2, Tanzania and explore blocks 2 and 5 in Mozambique.

Statoil Executive VP for Exploration Tim Dodson commented in a statement:

"Statoil has now secured rig capacity for its planned global exploration program in 2013 and 2014. We have drilled four successful wells in Tanzania over the last year, and are now committed to drilling additional wells in Tanzania as well as in Mozambique and Angola.

"Together with a three-well campaign in the Gulf of Mexico, three Statoil-operated wells in Canada, and a one-year drilling campaign in the Barents Sea, this demonstrates an ambitious exploration program."

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Statoil Secures Rig for Angola Exploration

Statoil announced Friday that it has secured the Stena Carron (UDW drillship) vessel for a three-year contract that will see the rig use for exploration drilling in two pre-salt blocks in the Kwanza Basin, offshore Angola.

The contract, managed by Stena Drilling, has an estimated value of $700 million. Statoil has also secured two one-year extensions.

In Angola, Statoil will test the pre-salt potential of the Kwanza blocks by drilling wells in blocks 38 and 39.

Statoil said that it has also allocated the Discoverer Americas (UDW drillship) to East Africa to perform exploration drilling in Statoil-operated blocks in Tanzania and Mozambique. There, the firm plans to drill three-to-four wells that will test for further potential in Block 2, Tanzania and explore blocks 2 and 5 in Mozambique.

Statoil Executive VP for Exploration Tim Dodson commented in a statement:

"Statoil has now secured rig capacity for its planned global exploration program in 2013 and 2014. We have drilled four successful wells in Tanzania over the last year, and are now committed to drilling additional wells in Tanzania as well as in Mozambique and Angola.

"Together with a three-well campaign in the Gulf of Mexico, three Statoil-operated wells in Canada, and a one-year drilling campaign in the Barents Sea, this demonstrates an ambitious exploration program."

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Chevron Plans to Proceed with Second Phase of Offshore Angola Project

Chevron Corp. plans to proceed with a $5.6 billion Mafumeira Sul project off the shore of Angola, a move that will expand the oil-and-gas company's footprint in the West African nation.

The project, located in 200 feet of water, will produce its first oil in 2015 and could reach a daily peak output of 110,000 barrels of crude oil and 10,000 barrels of liquefied petroleum gas, Chevron said. Chevron, the second-largest U.S. oil-and-gas producer by market capitalization after Exxon Mobil Corp., is also nearing the expected completion in the second quarter of a major natural- gas liquefaction plant in Angola.

West Africa has become a significant focus of oil drilling in recent years as companies explore onshore and offshore production in Angola, Ghana and Nigeria and other countries in the region.

The Mafumeira Sul project is in the second stage of development and includes 50 wells, two wellhead platforms, a central processing and compression facility and about 75 miles of underwater pipelines. The initial Mafumeira Norte project, which achieved oil in 2009, currently produces more than 40,000 barrels of oil a day.

Said Chevron Vice Chairman George Kirkland: "This decision demonstrates our commitment to further developing opportunities in Angola where Chevron has a leading position and further adds to our strong queue of major capital projects under development."

Chevron's Angola unit, Cabinda Gulf Oil Co., is the operator and has a 39.2% interest in the project. Partners include Sonangol EP, with a 41% interest; Total SA, with a 10% interest; and ENI SpA, with a 9.8% interest.

Copyright (c) 2012 Dow Jones & Company, Inc.

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BP Turns On Taps Offshore Angola

BP reported Thursday that production has started from the PSVM development area in Block 31 offshore Angola.

Initial production will come from three production wells in the Plutao field and this is expected to ramp up to around 70,000 barrels of oil per day (bopd). PSVM is expected to build towards plateau rates of 150,000 bopd over the coming year, with the additional production coming from the Saturno and Venus fields in 2013 and Marte in 2014.

The International Monetary Fund also reported Thursday that it expects Angola's oil production to grow more than four percent in 2013 to 1.8 million bopd. Angola, Africa's second-largest oil producer after Nigeria, produced 1.73 million bopd last year, according to OPEC.

Commenting on the PSVM start up Thursday, BP Group Chief Executive Bob Dudley said:

"PSVM is one of the largest subsea developments in the world and was one of BP's key project start-ups for 2012 as we grow higher-margin production. Over the coming decade, we expect Angola, where we have extensive interests from exploration through to production, to be one of the main hubs delivering growth for BP."

BP Exploration Angola is the operator of the development with a 26.67-percent interest. Other holders in Block 31 include: Sonangol E.P. (25 percent); Songangol P&P (20 percent), Statoil Angola (13.33 percent), Marathon International Petroleum Angola (10 percent) and SSI 31 (5 percent).

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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BP Turns On Taps Offshore Angola

BP reported Thursday that production has started from the PSVM development area in Block 31 offshore Angola.

Initial production will come from three production wells in the Plutao field and this is expected to ramp up to around 70,000 barrels of oil per day (bopd). PSVM is expected to build towards plateau rates of 150,000 bopd over the coming year, with the additional production coming from the Saturno and Venus fields in 2013 and Marte in 2014.

The International Monetary Fund also reported Thursday that it expects Angola's oil production to grow more than four percent in 2013 to 1.8 million bopd. Angola, Africa's second-largest oil producer after Nigeria, produced 1.73 million bopd last year, according to OPEC.

Commenting on the PSVM start up Thursday, BP Group Chief Executive Bob Dudley said:

"PSVM is one of the largest subsea developments in the world and was one of BP's key project start-ups for 2012 as we grow higher-margin production. Over the coming decade, we expect Angola, where we have extensive interests from exploration through to production, to be one of the main hubs delivering growth for BP."

BP Exploration Angola is the operator of the development with a 26.67-percent interest. Other holders in Block 31 include: Sonangol E.P. (25 percent); Songangol P&P (20 percent), Statoil Angola (13.33 percent), Marathon International Petroleum Angola (10 percent) and SSI 31 (5 percent).

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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