Eni Announces Major 500 Million Barrel Oil Discovery Offshore Angola at Algaita-01 Well
Eni has confirmed a significant oil discovery at the Algaita-01 exploration well in Block 15/06, offshore Angola, approximately 18 kilometers from the Olombendo floating production, storage and offloading unit (FPSO).
Preliminary estimates indicate that the discovery contains approximately 500 million barrels of oil in place, reinforcing the exploration potential of Angola’s deepwater Lower Congo Basin.
Drilling Results and Reservoir Quality
The Algaita-01 well was spudded on January 10, 2026, and drilled by the Saipem 12000 drillship in water depths of 667 meters.
The well encountered oil-bearing sandstones across multiple Upper Miocene intervals, demonstrating favorable reservoir characteristics.
Comprehensive data acquisition, including fluid sampling and advanced logging operations, confirmed both reservoir quality and crude properties.
The results support the commercial potential of the discovery, subject to further appraisal and development planning.
Strategic Location and Development Potential
The proximity of existing offshore infrastructure, including the Olombendo FPSO, is expected to enhance the economic viability of the find by reducing development costs and shortening time to first oil.
Block 15/06 is operated by Azule Energy (36.84%), in partnership with SSI (26.32%) and Sonangol E&P (36.84%). Azule Energy is a joint venture between Eni and bp.
The Algaita-01 discovery strengthens Eni’s upstream portfolio in Angola and underscores continued exploration success in one of sub-Saharan Africa’s most established offshore oil provinces.
