Santos CEO Kevin Gallagher described the Pavo-1 discovery as a “great result” that could add further material value to the project through a potential low-cost tie-back to the proposed Dorado development plan.
Eni and Sonatrach said that the reservoir in the Zemlet el Arbi concession in the Algerian desert, is estimated to hold about 140 million barrels of crude.
The discovery was more than 1 billion barrels of oil equivalent, the second major offshore discovery in a month after Shell also announced a significant find, sources say.
The Krabdagu-1 well follows previous discoveries made by TotalEnergies and APA Corp. in the Guyana - Suriname Basin including Maka, Sapakara, Kwaskwasi and Keskesi.
The oil discovery by Dragon Oil in the Gulf of Suez is one of the largest in the area in the past 20 years, the Egyptian petroleum ministry said.
The discovery will help Bolivia meet its export agreements with neighbors Brazil and Argentina.
Interim results from the first exploration well show about 2 trillion standard cubic feet of raw gas in place, ADNOC said.
It is unclear if the discoveries offshore Namibia are big enough for Shell to go ahead with the development of the country’s first deepwater field, sources say.
The Wyoming-focused E&P company currently estimates the total reservoir volume of the discovery to be 1.5 billion to 1.9 billion barrels of oil in place.
Recent discoveries in the Troll and Fram area show that even mature areas can be revitalized based on new information and modern exploration technology, Equinor said.