KEY POINTS
- Eni confirms 500 million barrels of oil in place at Algaita 01 offshore Angola.
- Discovery located near Olombendo FPSO, supporting faster development.
- Block 15 06 operated by Azule Energy, a joint venture between Eni and BP.
Eni has confirmed a major offshore oil discovery in Angola Block 15 06, estimating about 500 million barrels of oil in place at the Algaita 01 exploration well.
The well is located about 18 kilometers from the Olombendo floating production storage and offloading vessel. It was drilled in 667 meters of water by the Saipem 12000 drillship and encountered oil bearing sandstones across multiple Upper Miocene intervals.
Discovery made near existing offshore infrastructure
The company said reservoir quality appears strong, with encouraging petrophysical data confirmed through logging and fluid sampling. While recoverable volumes have not yet been disclosed, the scale of oil in place makes it one of the more significant Angolan finds in recent years.
Its proximity to the Olombendo FPSO could simplify development. Tying the discovery back to existing infrastructure would likely reduce capital spending and shorten the timeline to first production.
Azule Energy leads operations in Block 15 06
Block 15 06 is operated by Azule Energy, which holds a 36.84 percent stake. According to Oil Price, Sonangol E and P also holds 36.84 percent, while SSI controls the remaining 26.32 percent. Azule Energy was formed in 2022 as a joint venture between Eni and bp to combine their Angolan upstream portfolios.
Since its creation, Azule has grown into one of the country leading independent operators, with producing assets tied to several FPSOs including Olombendo and NGoma.
New oil discovery boosts Angola production outlook
The Algaita 01 discovery reinforces Angola continued exploration potential, particularly in mature basins where infrastructure is already in place. Government reforms and licensing rounds in recent years have aimed to attract investment and stabilize production.
Further appraisal work will be required to refine reserve estimates and determine a development plan, but the combination of sizable oil in place and nearby processing capacity positions Algaita 01 as a potentially material addition to Angola offshore output.
