BP, Eni JV Finds 500 Million Barrels Offshore Angola Near Armada Olombendo FPSO
BP and Eni venture Azule Energy announced a 500 million barrel oil discovery in Block 15/06 offshore Angola, 18 km from the Armada Olombendo FPSO with multiple Miocene sandstone reservoirs at 667m water depth. This marks the 23rd find in the block and could boost monetization and output.
1. New Discovery in Block 15/06
Azule Energy, equally owned by BP and Eni, identified an initial estimate of 500 million barrels of recoverable oil in Block 15/06, located in the offshore Lower Congo Basin. This discovery builds on a long track record of successful finds in the block.
2. Reservoir Characteristics and Depth
Wireline logging and fluid sampling indicate multiple Upper Miocene sandstone intervals with excellent petrophysical properties and fluid mobilities. The well was drilled in 667 meters of water, confirming high-quality reservoir conditions.
3. Joint Venture Ownership and Proximity
Azule Energy operates with a 36.84% stake alongside Sociedade Nacional de Combustíveis de Angola (36.84%) and SSI Fifteen Ltd (26.32%). The new well lies approximately 18 kilometers from the Armada Olombendo floating production, storage and offloading facility in the same block.
4. Monetization and Production Impact
As the 23rd discovery in Block 15/06, this find enhances the block’s development potential and could accelerate production under existing incentive mechanisms. Increased output from this reservoir is poised to boost national production and state revenues.