By Nathan Allen

Eni SpA (ENI.MI) said Wednesday that it has made a major oil discovery on the Agogo exploration block in deep water offshore Angola.

The Italian oil major estimates the prospect could hold between 450 million and 650 million barrels of light oil, with potential for further upside.

The Agogo-1 NFW well, which led to the discovery, is located around 180 kilometers off Angola's coast and around 20 kilometers from Eni's N'Goma floating production vessel.

Preliminary data indicate the well could produce more than 20,000 barrels of oil a day.

Eni will continue to appraise the discovery together with its joint-venture partners on the block Sonangol and SSI Fifteen.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

March 13, 2019 06:26 ET (10:26 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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