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Eni-led JV bags exploration, production license offshore Angola

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Eni-led JV bags exploration, production license offshore Angola

A joint venture led by Italian integrated oil and gas company Eni SpA was awarded an exploration and production license in the Namibe Basin offshore Angola, according to a Jan. 17 news release.

The venture was awarded Block 28, located in water depths ranging between 1,000 meters and 2,500 meters, which will be operated by Eni with a 60% stake, Sonangol Pesquisa e Produção SARL, or Sonangol P&P, with a 20% interest while the remaining 20% will be assigned to a third partner during the closing of the contract.

The award comes as a result of the first International Competitive Bid Round 2019 offered by Angolan regulator Agência Nacional de Petróleo, Gás e Biocombustíveis. According to Eni, the award will allow it to further consolidate its presence in Angola.

In a separate Jan. 17 news release, Eni said that it started up the Agogo oilfield, in Block 15/06 offshore Angola.

Start-up was done following the drilling of the Agogo-1 well at water depths of around 1,700 meters. Production is currently at 10,000 barrels of oil per day and is projected to reach 20,000 bbl/d in the coming weeks. The Agogo oilfield is also estimated to hold over 650 million barrels of oil in place, with further potential to be verified after new delineation wells are drilled.

Eni holds a 36.8421% stake in Block 15/06 and operates it through its subsidiary Eni Angola. Other joint venture partners include Sonangol P&P with a 36.8421% interest and SSI Fifteen Ltd. with a 26.3158% stake.