Sonangol Exploracao e Produção SA (Sonangol E&P) and ACREP Exploração Petrolífera SA (ACREP) signed a risk service contract (RSC) Dec. 31, 2024, for offshore Block 6/24 with Red Sky Energy and the Angolan National Agency for Oil, Gas, and Biofuels (ANPG).
Block 6/24 contains a potential commercial oil discovery that the JV partners plan to evaluate for early production and cash flow generation. The block also has substantial resource potential based on existing 2D and 3D seismic data, and the JV partners plan to prove up these resources.
The RSC requires that the contractors undertake geological and geophysical studies and seismic data reprocessing during the first 3 years of the initial research period and are obliged to drill an exploration or appraisal well if they elect to enter the fourth year. If, however, they choose not to enter the fourth year, they are assumed to have withdrawn from the RSC without penalty.
Block 6/24 is 12 km offshore Angola in Kwanza basin in 70-80 m of water. The block is covered by 1,531 sq km of 2D seismic and 1,465 sq km of 3D seismic.
Sonangol E&P is the operator of Block 6/24 (50%) with Red Sky Energy holding 35% and ACREP holding the remaining 15%.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
