BP and its partners will pour further investment into a block off the coast of Angola as part of a pact that extends its production sharing agreement to 2032.
The deal will also give the state-owned company Sonangol a 10% equity interest in the block 15.
Operated by Esso Angola, the asset has produced more than 2.2 billion barrels of oil since 2003.
The new investment is expected to result in an additional 40,000 barrels of oil production per day and increased subsea flowline capacity.
It also includes a multi-year drilling programme.
Stephen Willis, BP Angola Regional President, said: “This is a major step forward for Block 15, unlocking significant future investment and production opportunities, and extending the life of the asset.
“BP is proud to be a significant partner in block 15 and we welcome Sonangol as a new partner.
“We acknowledge and thank the block operator Esso, Sonangol, the Agency, the Ministry and partners for their collaboration and hard work in achieving this agreement.”
Under the agreement, Sonangol joins the contractor group with a 10% interest, block operator Esso Angola retains a 36% stake, BP Angola has a 24% interest, ENI Angola Exploration 18% and Equinor Angola 12%.