Angola has awarded an exploration permit for offshore Block 19 to a group led by Petrofina SA. The 1.2 million-acre deepwater block is 30 miles south of Block 17, where major oil companies have reported oil discoveries believed to contain oil reserves in excess of 3 billion bbl.
The concession partners are: operator Petrofina 30%, Calgary-based Ranger Oil Ltd. 25%, Angolan state oil firm Ste. Nacional de Combustiveis de Angola (Sonangol) 20%, Houston-based United Meridian Corp. (UMC) 20%, and an Israeli company 5%.
Participation in Block 19 boosts UMC's holdings in the region to 3.5 million gross acres.
UMC Chairman and Chief Executive Officer John B. Brock said, "Our net position in Block 19 alone is about the equivalent of 48 Gulf OCS (Outer Continental Shelf) blocks.
"Existing seismic data strongly suggest that Block 19 is geologically on trend with recent, large discoveries on Blocks 14 and 17, all of which are located within the Congo basin."
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