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Eni makes major oil find in Angola

Staff Writer |
Eni said it had made a major oil discovery in Angola.

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The find is Angola's largest offshore discovery in years and may help Africa's second-biggest crude producer avoid a steep decline in output due to the ageing of its other fields.

Eni said its new Agogo prospect in Angola's deep waters contained between 450 million and 650 million barrels of light oil with potential for further upside.

Data from the exploration well pointed to a production capacity of more than 20,000 barrels of oil per day, it said.

"This is a valuable find of light, sweet oil which they will be able to fast-track to meet increasing demand in 2020-2021," Santander oil analyst Jason Kenney said.

Eni will be operator at the field with a stake of 36.8 percent, the same as Angola's state-owned Sonangol. SSI Fifteen Ltd has 26.3 percent.

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