Eni and bp Discover a Major Oil Field off the Coast of Angola

Eni and bp announced the discovery of a major oil field on the continental shelf of Angola. The find was made while drilling the Algaita-01 exploration well, located about 18 kilometers from the Olombendo floating production, storage, and offloading (FPSO) unit.

Preliminary estimates put the field’s oil reserves at around 500 million barrels. Natural gas reserves may exceed 1 trillion cubic feet, with condensate reserves estimated at 100 million barrels. The well identified oil bearing sandstones across several intervals of Upper Miocene age with favorable petrophysical properties.

The proximity of the new find to existing Olombendo infrastructure could speed up development of the field. Angola continues to hold new licensing rounds to attract investment in hydrocarbon exploration and production.