Eni has started production at its Agogo oil field offshore Angola at 10,000 barrels per day, state news agency Angop reported late on Jan. 16, and output is expected to double in the coming months.
The Agogo field was Angola’s largest offshore discovery in years and could help slow years of production declines in Africa’s second-biggest exporter.
Eni, which has been in Angola since 1980, will be the operator of the field with a 36.8% stake, the same as Angola’s state-owned Sonangol. SSI Fifteen Ltd. has 26.3%.
Angola, a member of OPEC, is a key location for the Italian state-controlled oil company.
With technological advances, new E&P stories are unfolding in the geologically complex oil and gas reservoirs of Saudi Arabia.
The Powder River Basin, which is also known for its plentiful coal supply, is still capturing the attention of U.S. shale players.
Coastal states and environmental groups have taken legal steps to try to block Trump administration efforts to open up the U.S. East Coast to offshore oil and gas exploration.