Azule Energy makes 500-MMbbl offshore oil discovery in Angola Block 15/06

(Bloomberg) – The Eni/bp venture Azule Energy and its partners have discovered an offshore well that may hold 500 million barrels of crude, a potential boost to Angola’s efforts to slow declining output. 

The find was made at the Algaita-01 exploration well in Block 15/06 off Angola, the National Oil, Gas and Biofuels Agency, known as ANPG, said in a statement on Friday. 

Drilling began Jan. 10 in water depths of 667 meters (2,190 feet) and was completed Jan. 26, about 18 kilometers (11 miles) from the Olombendo floating production, storage and offloading vessel.

Preliminary logs show multiple oil-bearing intervals with strong reservoir quality, according to the statement. Further appraisal will assess recoverable volumes and a potential tieback, the regulator for Africa’s third-largest producer said.

“The presence of multiple production facilities nearby further enhances the value of this new exploratory success,” Azule Energy CEO Joe Murphy said in the statement. 

Azule operates the block with a 36.84% stake, alongside SSI Fifteen Ltd. with 26.32% and Sonangol E&P with 36.84%.