Eni's Block 15/06 Discovery Adds 500 Million Barrels and Eases FPSO Tie-Back
Eni confirmed a 500 million-barrel oil-in-place discovery in Angola’s Block 15/06 at the Algaita-01 well, drilled in 667 meters of water near the Olombendo FPSO. High-quality reservoir characteristics and tie-back potential to existing infrastructure could accelerate development and improve capital efficiency.
1. Offshore Discovery Highlights
Eni’s Algaita-01 exploration well in Block 15/06 confirmed around 500 million barrels of oil in place. The well was drilled in 667 meters of water approximately 18 kilometers from the Olombendo floating production, storage and offloading vessel.
2. Reservoir Quality
The well encountered oil-bearing sandstones across multiple Upper Miocene intervals, with logging and fluid sampling indicating robust petrophysical characteristics and strong reservoir quality.
3. Infrastructure-Led Development
Proximity to the Olombendo FPSO and existing pipeline infrastructure offers tie-back opportunities that can materially reduce capital intensity and accelerate time to first oil, supporting Eni’s capital-disciplined strategy.
4. Joint Venture Structure
Block 15/06 is operated by Azule Energy, a 50:50 joint venture between Eni and bp holding a 36.84% stake, with Sonangol E&P and SSI holding the remaining interests.