ExxonMobil's 20th Block 15 Discovery Boosts Oil Production Prospects

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 block covers around 1,044 square kilometers and is operated by ExxonMobil, which holds a 36% interest.

In a $100-oil environment, the discovery is significant because it's an opportunity to expand existing resources with low production costs.

New development costs should be minimal as Exxon already operates on Block 15, which has proven resources and well-developed fields.