According to the company’s official website, the discovery was made at the Algaita-01 exploration well in Block 15/06, located about 18 kilometres from the Olombendo floating production, storage and offloading (FPSO) vessel in Angola’s Lower Congo Basin.
Preliminary estimates suggest the field contains approximately 500 million barrels of oil in place.
The well, spudded on January 10, 2026, was drilled in water depths of 667 metres by the Saipem 12000 drillship and encountered oil-bearing sandstones across multiple Upper Miocene intervals.
“A comprehensive data acquisition campaign, including fluid sampling, confirmed the quality of the reservoir and the fluid characteristics,” Eni said in a statement.
Azule Energy Chief Executive Officer Joe Murphy said the results confirm “the exceptional effectiveness of the petroleum system in Block 15/06,” adding that the proximity to existing production infrastructure strengthens development potential.
Block 15/06 is operated by Azule Energy, a 50/50 joint venture between Eni and BP, which holds a 36.84% stake alongside Sonangol E&P (36.84%) and SSI Fifteen Limited (26.32%).
Angola’s Production Reality
Angola holds proven reserves of roughly 8 billion barrels, ranking among Africa’s top producers and within the top tier globally. However, output has declined over the past decade as offshore fields mature.
Production currently averages about 1.1 million barrels per day, down from peaks above 1.8 million barrels per day in the late 2000s.
Oil accounts for more than 90% of export revenues and roughly a third of GDP, making new discoveries critical to fiscal stability.
The Algaita-01 find comes as Angola seeks to counter natural decline rates and stabilise production levels.
The country exited OPEC’s quota framework in 2023 following disagreements over output ceilings, highlighting structural pressures within its upstream sector.
Key Export Markets: China, India and Europe
China remains Angola’s largest crude customer, typically accounting for 40–50% of total shipments.
Chinese refiners process Angolan grades such as Girassol, Dalia and Cabinda, which are generally medium to heavy blends suited for diesel, gasoline and petrochemical production.
Spain and the Netherlands also feature among European destinations, using Angolan crude to balance refinery slates for transport fuels and jet fuel.
Regional Competitive Implications
The discovery may shift competitive dynamics among Africa’s leading producers.
Nigeria remains Africa’s largest oil producer but continues to face output constraints linked to theft and underinvestment.
Libya’s production remains vulnerable to political instability, while Algeria focuses heavily on gas exports but retains a significant crude presence.
If Angola accelerates development using existing infrastructure near the Olombendo FPSO, it could stabilise its continental ranking and reinforce its relevance in global crude markets.
Paulino Jerónimo, Chairman and Chief Executive Officer of the Angolan National Agency of Petroleum, Gas and Biofuels (ANPG), said in a statement that the discovery “reaffirms the high potential of the Lower Congo Basin and the consistency of the ongoing exploration strategy,” adding that it creates favourable conditions for swift monetisation and positive impacts on national production and state revenues.
