More oil found in Angola

May 16, 2019

Following Italian major Eni’s announcement on May 14 of an oil discovery on the Ndungu prospect offshore Angola, Rystad Energy senior analyst Palzor Shenga said:

"This is the fourth oil discovery on deepwater block 15/06 in the Lower Congo basin. We at Rystad Energy estimate the new discovery to hold around 75 million barrels of recoverable resources. This is the second-largest discovery in the block, trailing only the Agogo-1 was announced in March. The collective recoverable resources of these four discoveries are estimated at around 360 million barrels of oil."

"The Ndungu discovery is a perfect candidate for a fast-track project. We expect both Ndungu-1 and Agogo-1 to come online by the early 2020s, and they are forecast to contribute around 68,000 barrels per day of liquids at peak," Shenga added.

As previously noted (link), Angolan block 15/06 is one of the most expensive exploration licenses ever awarded, after Eni and its partners paid a signature bonus of almost $1 billion to the Angolan government in 2006.

"The operator believes that the block holds additional potential. More discoveries like these would help Eni provide its shareholders with return on the huge investments made, and potentially justify the signature bonus," Shenga remarked.

 

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Contacts

Palzor Shenga
Senior Analyst, Upstream
Phone: +47 24 00 42 00
palzor.shenga@rystadenergy.com

 

Morten Bertelsen
Media Relations
Phone: +47 951 98 742
morten.bertelsen@rystadenergy.com

 

About Rystad Energy

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy is headquartered in Oslo, Norway with offices in London, New York, Houston, Aberdeen, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai.