Italian oil multinational ENI says it has found huge oil deposits in Ochigufu exploration prospect, located in deep waters of Angola.

“The discovery was made at a depth 4,470 metres and the well is expected to be put into production in record time,” said ENI group in a statement.

The reserves are estimated to be more than 300 million barrels. The new discovery at the Oghigufu well is the tenth commercial discovery made in that block.

In 1966, Cabinda Gulf Oil Company discovered important oil reserves in Cabinda. From then on, oil started playing one of the most important roles in the Angolan economy, having surpassed coffee in oil exports as of 1973.

Oil is the backbone of the Angola’s economy. This sector makes up over 90 percent of the country’s exports.

Last month multinational oil and gas company, BP group says it plans to invest $15 billion in new Angola oil fields. The oil firm has to date invested more than $25 billion in its Angola assets and intends to invest another $15 billion in exploration and development in Angola over the next 10 years. BP Angola’s net average production is around 200,000 barrels of oil per day.

By George Mpofu

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