Eni upgrades Agogo field reserves estimate to 1 billion barrels

27 February 2020 (Last Updated February 27th, 2020 16:05)

Italian oil firm Eni has increased its resource estimate for the Agogo field, offshore Angola, to one billion barrels of oil in place.

Eni upgrades Agogo field reserves estimate to 1 billion barrels
Eni accounts currently an equity production of about 140,000 barrels of oil equivalent per day in Angola. Credit: wasi1370 from Pixabay.

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.

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.