Italian oil company Eni, revealed on tuesday the discovery of a new light oil in Agola’s deep offshore.
With this discovery, up to 250 million barrels of light oil with further upside is expected.
The production is also estimated at 10,000 barrels of oil per day.
According to the company, this operation is the fourth largest commercial discovery since Eni relaunched its exploration project in mid-2018, in Angola.
The Ndungu-1 NFW well is located a few kilometers from Eni’s West Hub facilities, and has been drilled in a water depth of 1076 meters, and it reached a total depth of 4050 meters.
It follows the discoveries of Kalimba, Afoxé and Agogo; the four discoveries altogether is estimated to contain up to 1.4 Billion barrels of light oil in place.
This discovery will however,boost Angola’s oil production and increase the financial wherewithal of a country still dependent on oil, despite efforts to diversify its economy.