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Sonangol Finds Oil & Gas Reserves in Kwanza Basin

Source: Reuters 4/14/2016, Location: Africa

Angola's state oil company Sonangol has found oil and gas reserves in the Kwanza basin that could total 2.2 billion barrels of oil equivalent, including in a block it jointly owns with BP.

Block 24, operated by BP, holds an estimated 280 million barrels of condensate and 8 trillion cubic feet of gas, totalling 1.7 billion barrels of oil equivalent, Sonangol said in a statement seen by Reuters.

Sonangol said that Block 20, which it operates, is also commercially viable and contains an estimated 139 million barrels of condensate and 2.5 trillion cubic feet of gas, totalling 570 million barrels of oil equivalent.

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