(Ecofin Agency) - Maersk Oil has announced that it has decided not to give up on the Chissonga project in Angola, which it has been making efforts to develop for years now.

Maersk Oil had revealed earlier this year, plans to reduce its US and Angola organizations, due to the challenging environment for deepwater development. This move had resulted in the shutting down of the company’s Houston office as well as a reduction of the workforce in Luanda.

But in spite of the reduction of the workforce in Angola, Maersk Oil noted this week that it will continue the evaluation of the chances for a joint development between the Chissonga field and neighboring blocks as well as negotiate with Angolan authorities, partners and contractors so as to cut costs and improve terms to make the Chissonga project possible.

The Danish oil company began operations in Angola in 2005 via the acquisition of an interest in Block 16, where it has made the Chissonga find which was declared commercial in 2011.

Located in the western part of Block 16, the Chissonga field is some 130 km offshore from the Soyo beach crossing, in a water depth from 1,200 meters to 1,500 meters. It is Maersk Oil’s first operated deepwater find.

The company holds a 65 percent interest in the deepwater Block 16 off Angola which covers some 4,900km² and with water depths up to 1,500 meters, with partners Odebrecht with 15 percent and state-owned oil company Sonangol with 20 percent, Offshore Energy Today reports.

Anita Fatunji