Eni (E) Strikes Premium Oil In Afoxe-1 NFW Well Off Angola
Zacks Investment Research | Dec 10, 2018 08:33PM ET
Eni SpA (NYSE:E) announced the discovery of new oil at the Afoxé exploration prospect, located off the coast of Angola. The company estimates findings in the prospect to comprise light crude between 170 and 200 million barrels.
The integrated energy company drilled the Afoxé-1 NFW well to a total depth of 1,723 meters. Eni added that the well contains premium quality crude with net oil pay of 20 meters.
The new findings have established that the prospect for exploring crude oil in the Block 15/06’s southern portion is robust. This also convinced the company to decide on drilling, through 2019, four new exploration wells in the block — earlier thought to hold mainly natural gas.
In a separate announcement, the company declared the commencement of oil production from Vandumbu field, also located in Block 15/06. Notably, the field generated first oilin late November. The company added that West Hub N’Goma floating production, storage and offloading unit (FPSO) has been employed for the field’s activities.
The company also said that through the FPSO unit, daily oil production from the block is rising by 20,000 barrels, thanks to crude production from Vandumbu field and commencement of activities by subsea multiphase boosting system (SMBS).
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