Azule Energy strikes oil at Algaita-01 well in Angola’s Block 15/06

Core Insights - Azule Energy, a joint venture between bp and Eni, has made a significant oil discovery at the Algaita-01 exploratory well in Block 15/06, offshore Angola, estimated to contain around 500 million barrels of oil [1][2] Company Overview - Azule Energy operates Block 15/06 with a 36.84% interest, alongside partners SSI Fifteen (26.32%) and Sonangol E&P (36.84%) [1] - The Algaita-01 well is located approximately 18km from the Olombendo floating production, storage, and offloading (FPSO) vessel operated by Azule Energy [2] Exploration and Drilling Details - Drilling for the Algaita-01 well commenced on January 10, 2026, and concluded on January 26, 2026, at a water depth of 667m [3][4] - Preliminary analysis from wireline logging and fluid sampling indicates multiple reservoir intervals with excellent petrophysical qualities and fluid mobility, particularly in oil-bearing sandstones across several Upper Miocene intervals [4][5] Industry Impact - The discovery reaffirms the high potential of the Lower Congo Basin and supports the ongoing exploration strategy, which is expected to positively impact national production and state revenues [6] - The Angolan National Agency of Petroleum, Gas and Biofuels (ANPG) encourages the identification of new opportunities under existing incentive mechanisms, which could facilitate swift monetization of the discovery [7]