ExxonMobil, ANPG Notch 20th Discovery in Angola's Block 15

A new oil find at the Vicango Este-01 well was confirmed Wednesday by Angola's National Oil, Gas and Biofuels Agency, ExxonMobil and the Block 15 partners. The well, located roughly 370 kilometers northwest of Luanda, was drilled to 940 meters and encountered 25 meters of high-quality, hydrocarbon-bearing sandstone, the companies said in a joint statement reported by OilPrice.com.

The Vicango Este-01 discovery marks the 20th find in Block 15 since production began, a concession that has yielded more than 2.7 billion barrels over about 30 years. ExxonMobil Angola's chief executive, Brian Unietis, described the development as one of the country's most important deepwater assets and said additional discoveries help enhance the value of the block's existing infrastructure.

The announcement arrives amid a flurry of exploration activity in the region. About three weeks earlier Chevron reported a discovery at its 105-4X well in neighboring Block 0, where it logged more than 2,000 feet of hydrocarbons and 300 feet of net pay in the Pinda reservoir of the Lower Congo Basin; Chevron is evaluating whether to tie that find into existing Block 0 facilities or pursue a standalone project. The company has also recorded three near-field discoveries in Nigeria since late 2024 and plans to drill the Nabba-1X well in Namibia before year-end.

Angola remains a leading crude producer in Sub-Saharan Africa, second only to Nigeria, but national output has settled near 1.1 million barrels per day after peaking above 2 million bpd in 2008. The government has introduced new fiscal terms and exploration incentives that are drawing renewed drilling into both mature and less-tested acreage, contributing to discoveries like Vicango Este-01. The sector is also navigating financial strains at state-linked Sonangol, which recently secured multiple financing facilities including a $2.65 billion syndicated loan in June, a $1.75 billion Afreximbank facility and a $750 million bond, while seeking additional funds for the Lobito refinery and planning a partial stock listing for 2027.