Italian company Eni has made a major oil discovery in Block 15/06 of the Agogo exploration prospect, offshore Angola.
Eni made the find through the Agogo-1 NFW well, located nearly 20km west from the N’Goma FPSO (West Hub) and around 180km off the coast.
The well was drilled up to a total depth of 4,450m. It found a single oil column of around 203m with 120m of net pay of high quality oil (31° API) at the sub salt diapirs setting in Lower Miocene sandstone.
According to initial estimations, the discovery indicates a production capacity of more than 20,000 barrels of oil per day (bopd), and is expected to hold around 450-650 million barrels of light oil.
The discovery is expected to open further exploration below salt diapirs in the north-west part of Block 15/06 to identify additional resources with potential value. It will also support the Angolan economy, bolstering Angola’s position as a key African petroleum exporter.
According to Reuters, oil accounts for 95% of Angolan exports and nearly 70% of government revenues.
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Eni operates the Block 15/06 joint venture with a 36.84% stake. The other stakeholders are Sonangol P&P (36.84%) and SSI Fifteen (26.32%).
The company and its partners will now assess and evaluate the new discovery, and will undertake further studies to support its development.