Commodities
ExxonMobil Makes 20th Discovery in Block 15, Boosting Oil Resources
ExxonMobil has made its 20th discovery in Block 15 off Angola's coast, which has already produced 2.7 billion barrels of oil since 1998.
The new discovery at the Vicango Este-01 exploration well is expected to increase the total recoverable oil resources in the area.
ExxonMobil holds a 36% interest and operates Block 15, which covers around 1,044 square kilometers off the Angolan coast.
In a $100-oil environment, expanding existing resources with extremely low production costs will be highly advantageous for ExxonMobil's shares closed 2.2% higher following the news.
New development costs should be minimal as Exxon already operates on Block 15, which has proven resources and well-developed fields.