Azule Energy, the Eni/bp venture, has discovered a major offshore oil accumulation in Angola’s Block 15/06, with preliminary estimates suggesting the well may hold around 500 million barrels of crude, the company and national regulator ANPG said Friday.
The discovery was made at the Algaita-01 exploration well, located about 18 kilometers (11 miles) from the Olombendo floating production, storage, and offloading (FPSO) vessel. Drilling began on January 10, 2026, in water depths of 667 meters (2,190 feet), and was completed on January 26.
Preliminary logging indicates multiple oil-bearing intervals with strong reservoir quality. Further appraisal is underway to determine recoverable volumes and explore a potential tieback to existing production facilities. “The presence of multiple production facilities nearby further enhances the value of this new exploratory success,” said Joe Murphy, CEO of Azule Energy.
Azule Energy operates Block 15/06 with a 36.84 percent stake, alongside SSI Fifteen Ltd. at 26.32 percent, and state-owned Sonangol E&P holding 36.84 percent.
The find is the latest in a string of discoveries in Angola’s offshore basins, a sector crucial to Africa’s third-largest oil producer. Angola’s crude output has been declining in recent years due to aging fields, but exploration successes like Algaita-01 offer potential to reverse the trend and attract further foreign investment.
According to the National Oil, Gas and Biofuels Agency, offshore fields account for the majority of Angola’s production, and developments in Blocks 15/06 and neighboring areas are strategically located near existing infrastructure, including FPSO vessels and subsea pipelines, which can accelerate commercial production once reserves are appraised.
Angola’s oil sector is dominated by international majors, including Eni, bp, and state-backed Sonangol. Oil exports are the backbone of Angola’s economy, accounting for roughly 90 percent of government revenues and more than 50 percent of GDP. Maintaining production levels is therefore critical to national finances, especially as global markets face price volatility and competition from emerging producers.
Exploration in Block 15/06 is part of Angola’s broader strategy to extend the life of its offshore basins and strengthen reserves replacement. Analysts note that the nearby Olombendo FPSO and other production facilities reduce development costs and timelines, potentially allowing the company to bring the new discovery online faster than greenfield projects.
“The discovery highlights Angola’s continuing potential as a major oil-producing country in sub-Saharan Africa,” said an industry analyst. “Large finds in proven offshore blocks provide investors with confidence and could underpin medium-term production stability.”
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Azule Energy’s announcement comes amid global oil market uncertainty, with producers balancing the need for new supply with sustainability goals and investment discipline. For Angola, each substantial discovery supports both domestic economic stability and the country’s role as a key exporter to global markets, particularly to Asia and Europe.
The Algaita-01 discovery underscores Angola’s continued focus on offshore exploration and development as it navigates declining output from older fields, rising fiscal pressures, and competition for investment in Africa’s oil frontier. Further drilling and appraisal in Block 15/06 are expected in the coming months to confirm recoverable volumes and inform production planning.
Azule Energy operates Block 15/06 with a 36.84% stake. The company is a joint venture between ENI and BP.
Other partners in the block include SSI Fifteen Ltd. with 26.32% and Sonangol E&P with 36.84%. Sonangol E&P is the upstream arm of Angola’s national oil company.
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ANPG stated that the proximity of existing production facilities may allow for a tieback if volumes are confirmed. Simply, connecting to the Olombendo FPSO could reduce development costs and shorten timelines.
Offshore tiebacks are commonly used in mature basins to extend field life and maximise infrastructure already in place. Therefore, the commercial assessment of Algaita-01 will determine how quickly the discovery can contribute to Angola’s crude output.
In sum, the 500 million barrel estimate adds new resource potential to Angola’s offshore portfolio. Subsequent appraisal results will co
