Exxon Announces New Oil Discovery Offshore Angola - S&P Global

This successful drilling operation is part of Angola's efforts to incrementally increase crude output from existing oil and gas projects in response to years of production declines. Exxon holds a 40% interest in Block 15 and operates the block in collaboration with Sonangol, Equinor (EQNR), and the BP-Eni (BP) (E) joint venture, Azule Energy. Block 15 is one of three deepwater blocks operated by Exxon along the coast of Angola.

In addition to the recent discovery in Angola, Exxon is preparing to drill an exploratory deepwater oil well located approximately 500 km off the east coast of Newfoundland, as per reports from Canadian Press. This new drilling operation signifies Exxon's continued commitment to exploring and developing oil and gas reserves in various regions around the world. The oil discovery at the Likembe-01 well in Angola is a promising development for Exxon and its partners as they work towards increasing production and tapping into new reserves.

This discovery reinforces Exxon's position as a key player in the global energy industry and highlights the company's expertise in exploration and production activities. Exxon's ongoing exploration activities align with its strategic focus on identifying new sources of oil and gas to support future growth and contribute to global energy supply. The company's exploration efforts in Angola and Newfoundland demonstrate its commitment to investing in projects that have the potential to deliver long-term value for shareholders and stakeholders.

With the demand for energy expected to continue growing in the coming years, Exxon's oil discoveries and exploration activities play a vital role in ensuring a stable and reliable energy supply. By investing in exploration projects and making significant discoveries like the Likembe-01 well in Angola, Exxon is well-positioned to meet the evolving needs of the global energy market. In conclusion, Exxon Mobil's recent oil discovery at the Likembe-01 well in Angola's offshore Block 15 is a positive development that underscores the company's commitment to exploring new reserves and expanding its global footprint in the energy sector.

As Exxon continues to pursue exploration opportunities and invest in strategic projects, it is poised to drive sustainable growth and create long-term value for its stakeholders.