Eni Confirms Major Oil Discovery in Angola in JV with BP

(Alliance News) - Eni Spa confirmed on Saturday a new oil discovery offshore Angola, made in a block operated by its joint venture Azule Energy Ltd with London-based BP PLC, describing the find as "significant" based on initial assessments.

The company stated that the discovery was made at the Algaita-01 exploration well in Block 15/06, approximately 18 kilometers from the Olombendo floating production, storage, and offloading vessel, with nearby production infrastructure expected to support development.

Preliminary estimates indicated around 500 million barrels of oil in place.

The well was drilled by the Saipem 12000 drilling ship, owned by Saipem Spa, encountering several Upper Miocene oil-bearing sandstones with strong petrophysical properties, which Eni said indicate the potential for high flow rates.

"A comprehensive data acquisition campaign, including fluid sampling, confirmed the quality of the reservoir and the characteristics of the fluids," Eni said in a statement.

Block 15/06 is operated by the Azule Energy joint venture together with partners SSI Fifteen Ltd and Sonangol E&P.

By Judy Amaca, Alliance News Asia-Pacific reporter, and translated by Giuseppe Fabio Ciccomascolo

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