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Home >> Business
UPDATED: 08:40, July 26, 2005
More oil found offshore Angola
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British Petroleum Company (BP) and its partners have found more oil in Block 31 in deep waters off Angola, the Journal of Angola newspaper reported on Monday.

"The discovery is the seventh on this acreage and has been named Juno," said the report. "A production test flowed at a rate of 2,676 barrels per day."

BP is the operator of the project and has a 26.7 percent stake. Angolan state oil company SONANGOL has 20 percent, along with ExxonMobil 25 percent, US independent Marathon 10 percent and France's Total five percent.

Angola is the second largest producer in sub-Saharan Africa after Nigeria, with output expecting to hit 2 million barrels a day by the end of 2007.

Source: Xinhua

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