Italy’s Eni wins new exploration license in Namibe basin offshore Angola

first_imgThe Block 28 is located in deep water in the unexplored Namibe Basin, and in water depth ranging between 1,000m and 2,500m The Italian firm will serve as operator of the block. Credit: Pixabay/C Morrison. State concessionaire for oil & gas rights in Angola, National Agency of Petroleum, Gas and Biofuels of Angola (ANPG) has awarded a new exploration and production license in the Namibe basin offshore Angola to Italian oil and gas company Eni.Following an international competitive Bid Round 2019n, Eni was awarded the rights for exploration and production in the Block 28, which is located in a frontier exploration area about 10km from the coastline.Eni said that the move further consolidates its long term presence in the Southern African country. The block is located in deep water in the unexplored Namibe Basin in water depth ranging between 1000m and 2500m.Eni to operate the Block 28 with 60% stakeThe Italian firm will serve as operator of the block with 60% stake while the other partner include Sonangol P&P with 20% interest. The remaining 20% interest is planned to be assigned to a third partner during the closing of the contract.The firm, in a statement, said: “The award comes as an outcome of the 1st International Competitive Bid Round where open blocks were offered by ANPG in the Namibe-Benguela Basin as a part of the oil gas licenses planned offer for onshore and offshore, in the period 2019-2025.”Last year, Eni announced oil discovery in Block 15/06, in Angola’s deep offshore. The discovery was the fifth in the offshore block.The firm drilled the exploration well on the Agidigbo exploration prospect, using the West Gemini drillship at a water depth of 275m, and reached a total depth of 3800m.Post drill analysis at Agidigbo-1 NFW indicated 300 to 400 million barrels of light oil reserves in place. The prospect showed a single hydrocarbon column composed by a gas cap of approximately 60m and 100m of light oil.With a presence in Angola since 1980, Eni currently accounts for an equity production of approximately 145,000 barrels of oil equivalent per day.last_img read more