Maersk Makes Another Oil Discovery Offshore Angola

Maersk Oil, the oil and gas producing division of Danish industrial conglomerate A.P. Moller-Maersk A/S (MAERSK-B.KO), said Monday it has made a new oil discovery at an exploration block offshore Angola.

Maersk Oil and partners Sonangol P&P and Odebrecht Oil and Gas Angola Ltd. have struck oil at the Caporolo-1 exploration well in exploration Block 16 in the Lower Congo Basin.

A test produced a maximum flow rate of 3,000 barrels of oil a day, said Maersk Oil.

The discovery was made some 13 kilometers from the Chissonga discovery, also in Block 16, which Maersk and partners made in 2009. Earlier this year, Maersk also announced that it hat hit oil with its first pre-salt well, the Azul-1 deepwater exploration well, located in Block 23 in the Kwanza Basin.

"We are encouraged by yet another success on Block 16. This is a result of our continued commitment to Angola and a further step towards our goal of building up significant business in the country," said Maersk Oil Angola managing director Anders Damgaard.

"The successful results of the Caporolo-1 well warrants additional appraisal and substantial evaluation to determine whether the discovery is large enough to eventually develop," he said.

Maersk Oil is the operator of and owns a 65% interest in Block 16, Odebrecht Oil and Gas Angola Ltd. holds 15%, Sonangol P&P 20%, while Sonangol E.P. is the block concessionaire.

Maersk Oil has been active in Angola since buying an initial 50% stake in Block 16 in 2005.

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Source: http://www.marketwatch.com