ExxonMobil is set to spend $200 million to drill what will be a closely watched exploration well by the end of 2024 in a frontier basin offshore Angola.
The US supermajor and its Angolan state-owned partner Sonangol P&P are set to spend about $200 million on further exploration studies and drilling the probe in the untouched Namibe basin.
If a commercial discovery is made, Angola’s Ministry of Mineral Resources, Oil & Gas (Mirempet) estimated that it would cost $15 billion to evaluate and develop a “large-scale” discovery with production expected to begin in 2030.
