More oil found off the coast of OPEC-member Angola

More oil found off the coast of OPEC-member Angola

June 26 (UPI) — The latest discovery of oil in the deep waters of OPEC-member Angola could hold as much as 300 million barrels of oil, Italian energy company Eni said.

Eni discovered oil in its Kalimba prospect offshore Angola. The company said the discovery holds between 230 million and 300 million barrels of oil.

“Angola is a key country in the strategy for organic growth of Eni, which has been present in the country since 1980 and accounts currently an equity production of about 155,000 barrels of oil equivalent per day,” the company’s statement, published Monday, read.

Eni in May reached a production plateau of 24,000 barrels per day at its Ochigufu field off the coast of Angola less than two months after operations began. The next step for Eni off the coast of Angola, a member of the Organization of Petroleum Exporting Countries, will be three regional developments set to start production by early next year.

Angola is one of the lesser producers in OPEC, churning out around 1.5 million bpd last month. Production for the West African nation is close to a two-year low, however.

The International Monetary Fund said economic recovery for Angola is progressing but it’s still uncertain over the long term. IMF data show Angola’s economy moving in positive direction, with gross domestic product indicating slow recovery from recession in 2016, growth of 1.0 percent in 2017 and 2.2 percent forecast for this year.

Apart from the Italian company, French supermajor Total leads a consortium developing the Zinia 2 offshore development in Block 17 of the Pazflor field offshore Angola. A budget of $1.2 billion will be used to tap nine wells connected to an existing floating production storage and offloading unit. Zinia 2 has a production capacity of 40,000 bpd.