Italian oil firm Eni has increased its estimate for oil in the Agogo field, offshore Angola, upgradign it to 1bn barrels of oil.
In increased the estimate of oil in place by around 40% after the successful drilling of Agogo-3, the second appraisal well of Agogo discovery in Block 15/06.
The company said the acquired data suggests a production capacity more than 15,000 barrels of oil per day.
It noted there could be a further upside to be tested in the northern sector of the field.
The Agogo-3 well encountered up to 120m of light oil net pay in sandstone of Miocene and Oligocene age. A data acquisition in the well confirmed communication with Agogo-2 reservoirs and the additional expansion of the Agogo discovery to the North.
The well was drilled by the Libongos drillship, 1.5km north-west of the Agogo-2 well and 4.5km north-west of Agogo-1 well.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Production from the field started in January 2020 via a subsea tie-back to the Agogo 1 well. This comes nine months after the company discovered it.
Eni and its partners are working on studies to exploit the full potential of the Agogo field via a third production hub, targeting a final investment decision in 2021.
It currently accounts for an equity-equivalent production of about 140,000 barrels of oil equivalent per day.
Apart from Block 15/06, the firm also operates block Cabinda Norte, situated onshore Angola.