Azule Energy, the joint venture between energy giants Eni and bp, has struck liquid gold in Angola’s territorial waters, discovering an offshore well that could hold up to 500 million barrels of crude oil. The massive find, announced Friday by the National Oil, Gas and Biofuels Agency (ANPG), represents a critical lifeline for Angola’s struggling petroleum sector as the country battles declining production rates.
The Algaita-01 exploration well in Block 15/06, located approximately 18 kilometers from the Olombendo floating production, storage and offloading vessel, began drilling on January 10 in waters reaching depths of 667 meters and was completed just 16 days later on January 26. Preliminary logs have revealed multiple oil-bearing intervals with exceptional reservoir quality, prompting immediate plans for further appraisal to assess recoverable volumes and evaluate potential tieback opportunities. The discovery’s proximity to existing production facilities significantly enhances its commercial value and could fast-track development timelines.
Azule Energy CEO Joe Murphy emphasized that the presence of multiple production facilities nearby further amplifies the significance of this exploratory success. The block is operated by Azule Energy, which holds a 36.84% stake, with SSI Fifteen Ltd. controlling 26.32% and Sonangol E&P owning the remaining 36.84%. This substantial discovery comes at a pivotal moment for Angola, Africa’s third-largest oil producer, as it seeks to reverse years of production declines and reinvigorate investor confidence in its offshore petroleum potential.
Source: worldoil.com / energy-pedia.com