Azule Energy Holdings Ltd, an Angolan joint venture equally owned by Italy’s Eni SpA and Britain’s BP PLC, has declared a new oil discovery in Block 15/06 in the offshore Lower Congo Basin, with an initial estimate of about 500 million barrels.
“The Algaita-01 results build on a long successful track record of 22 discoveries, once again confirming the exceptional effectiveness of the petroleum system in Block 15/06”, Azule Energy chief executive Joe Murphy said in an online statement by the company.
“The presence of multiple nearby producing facilities further enhances the value of this new exploratory success”.
The well sits approximately 18 kilometers (11.18 miles) from the Armada Olombendo floating production, storage and offloading facility in the same block, Italy’s state-backed energy major Eni noted in a separate online statement.
The latest discovery showed oil-bearing sandstones in Upper Miocene reservoir intervals, Azule Energy said. “Preliminary interpretation of wireline logging and fluid sampling indicates the presence of multiple reservoir intervals with excellent petrophysical properties and fluid mobilities”, it said.
The well had a water depth of 667 meters (2,188.32 feet), Azule Energy said.
The discovery “reaffirms the high potential of the Lower Congo Basin and the consistency of the ongoing exploration strategy, creating favorable conditions for swift monetization, with positive impacts on national production and state revenues”, Paulino Jerónimo, chairman and chief executive of the Angolan National Agency of Petroleum, Gas and Biofuels, was quoted as saying in Azule Energy’s statement.
“The ANPG encourages the continued identification of new opportunities under the existing incentive mechanisms, particularly Decree 8/24 on Incremental Production, as well as Decree 5/18, which establishes the legal framework that allows exploration within and near development areas”.
Incorporated joint venture Azule Energy, based in the Central African country, operates Block 15/06 with a 36.84 percent stake. Sociedade Nacional de Combustíveis de Angola EP also owns 36.84 percent. SSI Fifteen Ltd holds 26.32 percent.
Azule Energy, which owns over a dozen licenses in Angola and an interest in Block 2914A in neighboring Namibia, says it produces around 200,000 barrels of oil equivalent a day. It also owns a 27.2 percent stake in Angola LNG, which has a declared production capacity of 5.2 million metric tons a year.
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