Eni Confirms 500-Million-Barrel Oil Discovery Offshore Angola

Eni confirms a major oil discovery in Angola's Block 15/06, estimating 500 million barrels in place, boosting the country's upstream outlook and highlighting infrastructure-led exploration's value. The Algaita-01 well, drilled 18 km from the Olombendo FPSO in 667 meters of water, encountered oil-bearing sands with strong reservoir quality. Recoverable volumes are pending, but proximity to existing infrastructure reduces capital costs and accelerates development. Block 15/06 is operated by Azule Energy (36.84%), with Sonangol E&P (36.84%) and SSI (26.32%). Azule, a 50:50 Eni-bp joint venture, is Angola's leading independent operator with assets tied to Olombendo and N'Goma FPSOs. The find reinforces Angola's exploration potential and aligns with industry trends toward high-margin, capital-efficient barrels.