Exxon Mobil Looks To Redevelop Angola Block 15 | ETF Trends

Crude oil was in the news recently due to its rapid decline on account of global uncertainty and rising inventories, and now many investors have turned their attention toward a large trader of crude and crude options: Exxon Mobil.

Oil and Gas behemoth Exxon Mobil (XOM -0.6%) and its partners say they plan to invest further in Angola’s rapidly expanding offshore Block 15 to increase production by 40K bbl/day, although specific figures are not provided.

Exxon Mobil says it will finish a multi-year drilling program in the block and put in place new infrastructure technology to increase capacity of existing subsea flow lines.

Changes to the production sharing agreement will augment operations through 2032 and carry Angola’s state-owned Sonangol into the Block 15 partnership with a 10% interest.

In addition to XOM’s 36% stake, BP owns a 24% interest, Eni (NYSE:E) holds 18% and Equinor (NYSE:EQNR) has 12%.

“This renewed collaboration will enable Angola to optimize recovery and add production from mature fields,” said Hunter Farris, senior vice president of ExxonMobil Upstream Oil & Gas Company.

Exxon Mobil Corporation  is the world’s largest publicly traded oil and gas company, and one of most significant companies in any industry on the planet. Exxon market cap as of June 04, 2019 is $311.37B

XOM’s core businesses include oil and gas exploration and production, petroleum refining and chemical production, and the marketing of petroleum and chemical products.

Investors looking into ETFs that hold Exxon and other major oil and gas industry players might consider the SPDR® S&P® Oil & Gas Exploration & Production ETF.

The SPDR® S&P® Oil & Gas Exploration & Production ETF (XOP) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® Oil & Gas Exploration & Production Select Industry® Index (the “Index”). The fund seeks to provide exposure the oil and gas exploration and production segment of the S&P TMI, which comprises the following sub-industries: Integrated Oil & Gas, Oil & Gas Exploration & Production, and Oil & Gas Refining & Marketing. XOP attempts to track a modified equal weighted index which provides the potential for diluted industry exposure across large, mid and small cap stocks, allowing investors to take strategic or tactical positions at a more targeted level than traditional sector based investing.

For more alternative investment ideas, visit our Alternatives Channel.