The largest discovery in years has been made at Block 15/06 offshore Angola by Italian oil and gas major ENI, after drilling the Agogo-1 NFW well.
ENI said on Wednesday that its new Agogo prospect in Angola’s deep waters –comprised of 450 million to 650 million barrels of light oil – has the potential to improve the country’s position within the industry, with data from the exploration well pointing to a production capacity of more than 20,000 barrels of oil per day.
“This is a valuable find of light, sweet oil which they will be able to fast-track to meet increasing demand in 2020-2021,” said Santander oil analyst, Jason Kenney.
Angola, a member of the Organization of the Petroleum Exporting Countries, is a key location for the Italian state-controlled major.
ENI produces around 155,000 barrels of equity oil equivalent per day from the African continent and has made a move to expand by settling a series of deals in the Gulf region in the Middle East.