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Eni announces major oil find offshore Angola

Italy's Eni S.p.A. said March 13 it made a major oil discovery offshore Angola, which is estimated to have between 450 million and 650 million barrels of light oil.

Initial tests show the Agogo-1 NFW well could have a production capacity of more than 20,000 barrels of oil per day following the discovery of a single oil column of about 203 meters with 120 meters of net pay high-quality oil.

The well, located 20 kilometers west of the N'Goma floating production storage and offloading vessel, was drilled in a water depth of 1,636 meters and reached a total depth of 4,450 meters.

The Agogo is the third viable discovery in Block 15/06, preceded by Kalimba and Afoxé.

The Block 15/06 consortium is composed of project operator Eni with a 36.84% stake, Angola's Sonangol Pesquisa e Produção SARL with a 36.84% interest and SSI Fifteen Ltd. with a 26.32% stake.