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.
The agreement will see Ethiopia exporting 100 MW of electricity to South Sudan over the next three years with plans to increase capacity to 400 MW.