A significant oil discovery has been confirmed off the Angolan coast.

Italian multinational oil and gas company Eni reports that preliminary estimates suggest 500 million barrels in place in Angola’s Block 15/06, not far from the Olombendo floating production, storage and offloading (FPSO) platform, which will reduce capital outlay and time to first oil production, reports Oil Price.com.

Block 15/06 is operated by Eni/BP-owned Azule Energy (36.84%), in partnership with SSI (26.32%) and Sonangol E&P (36.84%), according to Africa Business Communities.

The discovery was made in the the Algaita-01 well, drilled by the Saipem 12000 drill ship in a water depth of 667m.

Reservoir quality reportedly appears robust, with strong petrophysical characteristics confirmed through logging and fluid sampling.

According to data from the US International Trade Administration, Angola holds an estimated 9 billion barrels of proven crude oil reserves and as of early 2025, produces approximately 1 million barrels per day .

24 February 2026
Image: Freepik