BP, Shell make fourth oil find offshore Angola

The Angolan E&P units of European oil giants BP PLC and the Royal / Dutch Shell Group yesterday announced a fourth oil discovery on prolific deepwater block 18 offshore Angola. The Paladio well was tested at 3,980b/d of 31� API crude suggesting, according to oil companies, the "possibility of a significant oil accumulation." BP said "further work will needed to evaluate the full extent of Paladio."


LONDON�The Angolan E&P units of European oil giants BP PLC and the Royal / Dutch Shell Group yesterday announced a fourth oil discovery on prolific deepwater block 18 offshore Angola.

The Paladio well was tested at 3,980b/d of 31� API crude suggesting, according to the oil companies, the "possibility of a significant oil accumulation." BP said "further work will be needed to evaluate the full extent of Paladio."

The well was drilled in water depths of 1,233 m by the deepwater drillship Pride Angola. In mid-September, the drillship spudded a fifth block 18 well, Cromio-1, which industry observers expect will soon be announced as "successful."

It is understood that drilling of a sixth block 18 well, dubbed Cobalto, is due to begin "immediately."

Angolan state oil company Sonangol BV awarded operatorship of block 18 to BP-subsidiary Amoco Angola BV in 1996. BP and Shell each hold 50% equity in the block.

BP and Shell have made three earlier discoveries on the block. The Platina find tested oil at 6,500b/d in 1,400 m of water in May 1999, while the discovery known as Plutonio tested oil at 5,700b/d in 1,362 m of water two months after Platina. The Galio find tested oil at 4,770b/d in water depths of 1,238 m this past January.

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