Angola Announces 500 Million Barrel Oil Discovery at Algaita-01 Well in Block 15/06
Angola’s National Agency of Petroleum, Gas and Biofuels (ANPG) has announced a new oil discovery at the Algaita-01 exploration well in Block 15/06, located in the Lower Congo Basin offshore Angola. Preliminary estimates indicate recoverable resources of approximately 500 million barrels.
According to ANPG, drilling operations began on January 10 in water depths of 667 meters, approximately 18 kilometers from the FPSO Olombendo (Floating Production, Storage and Offloading unit).
The well encountered oil-bearing sandstones within Upper Miocene reservoir intervals, confirming the presence of hydrocarbons in the targeted structures.
Drilling was completed on January 26, followed by advanced logging and formation evaluation to assess reservoir quality and fluid characteristics.
These post-drilling analyses are intended to refine resource estimates and determine development feasibility.
ANPG President Paulino Jerónimo stated that the discovery reinforces the exploration potential of the Lower Congo Basin and aligns with Angola’s broader upstream strategy.
He emphasized that proximity to existing infrastructure could enable accelerated development and monetization, potentially contributing to national production and fiscal revenues.
ANPG also highlighted the role of regulatory frameworks designed to stimulate exploration and incremental output.
These include Decree 8/24 on Incremental Production and Decree 5/18, which provides a legal regime allowing exploration activities within and around existing development areas.
Azule Energy, the operator of Block 15/06, described the Algaita-01 result as the latest in a series of discoveries within the block.
Chief Executive Officer Joe Murphy noted that existing production facilities in the area enhance the commercial viability of new finds by reducing development lead times and capital expenditure requirements.
Angola remains one of Africa’s leading oil producers. However, mature fields and natural decline rates have contributed to a sustained reduction in output in recent years.
The government has set a target of maintaining production above one million barrels per day through 2030, supported by significant upstream investment aimed at offsetting decline and bringing new resources online.
The Algaita-01 discovery adds momentum to Angola’s efforts to stabilize production levels and extend the productive life of its offshore basins.
