Oil explorers set to invest $3B in Angola wells next year

|By:, SA News Editor

BP, ConocoPhillips (COP) and Statoil (STO) are among oil explorers investing at least $3B in wells offshore Angola next year in the country’s biggest deepwater drilling campaign, Wood Mackenzie says.

Cobalt Energy (CIE), Petrobras (PBR), Vaalco Energy (EGY), Repsol (REPYY.PK), Eni (E) and Total (TOT) are other companies slated to drill; most have commitments to produce seismic imaging and drill two wells by 2016.

The drilling will test the industry’s Atlantic mirror theory of huge deposits of oil deep beneath the sea off west Africa similar to those across the ocean in Brazil, where some of the biggest finds of the last decade have been made.