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]

Core Insights - Exxon Mobil Corporation (XOM) has made a significant oil discovery of nearly 11 billion barrels offshore Guyana, marking the largest find globally in the last 15 years [2][6] - The company is currently operating three projects in Guyana, producing approximately 650,000 barrels per day, with plans to have eight projects online by 2030, targeting a total production of 1.7 million barrels of oil equivalent per day [2][6] - In the Permian Basin, XOM is utilizing advanced technology to enhance oil recovery, aiming for a production increase from 1.6 million barrels of oil equivalent per day to 2.3 million by the end of the decade [3][6] Company Performance - XOM's stock has seen a decline of 1.2% over the past year, contrasting with a 2.9% increase in the broader industry [5] - The company's current valuation stands at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) ratio of 6.98, which is higher than the industry average of 4.29 [7] - The Zacks Consensus Estimate for XOM's earnings in 2025 has been revised upward in the past week, indicating positive sentiment among analysts [8]

Britain’s oil giant has unveiled an enormous discovery. Some 400km off the coast of Rio de Janeiro, BP has made its largest find in 25 years. It’s not the only driller betting big on South America https://t.co/g2n7dYku6q ...