Eni Expands Its Operations in Angola as Ndungu Field Begins Producing inversions

Eni Launches Oil Production at Ndungu Field in Angola

Eni S.p.A. has commenced oil production at the Ndungu field, which forms part of the Agogo Integrated West Hub (IWH) Project in Block 15/06, located offshore Angola. The project is managed by Azule Energy, a joint venture equally owned by Eni and BP plc. Azule Energy holds a 36.84% interest in the Agogo IWH Project, with Sonangol E&P and Sinopec International owning 36.84% and 26.32% stakes, respectively.

The Ndungu field includes seven production wells and four injection wells, and is expected to reach a maximum output of 60,000 barrels of oil per day. Production began just six months after the Agogo FPSO achieved its first oil, highlighting the project's rapid progress. This accomplishment demonstrates effective project management and the ability to deliver complex offshore developments safely and efficiently, strengthening the company’s business model and boosting investor confidence in its long-term plans.

Phased Development Strategy

The Agogo Integrated West Hub Project is being rolled out in stages to ensure steady, long-term output. Initially, oil from Ndungu will be processed at the N’goma FPSO, before being transferred to the Agogo FPSO at a later phase. This approach is intended to maintain reliable production from Block 15/06, supporting Angola’s broader energy and economic ambitions.

Once both the Agogo and Ndungu fields are fully operational, their combined production is projected to reach up to 175,000 barrels of oil per day.

Impact on Major Energy Companies

BP and Eni, as leading integrated energy firms, benefit from successful projects like this, which strengthen their upstream portfolios and support future cash generation.

Despite West Texas Intermediate crude prices staying above $65 per barrel, the outlook for Eni’s upstream business—currently rated as a Zacks Rank #4 (Sell)—and BP’s segment appears to be weakening. The U.S. Energy Information Administration forecasts further declines in crude prices, suggesting ongoing challenges for their exploration and production operations in the near future.

Other Key Players in the Sector

Other major integrated oil and gas companies include Chevron Corporation and Exxon Mobil Corporation. Like BP and Eni, Chevron (CVX) and Exxon Mobil (XOM) are also affected by changes in crude oil prices. At present, BP, CVX, and XOM all hold a Zacks Rank #3 (Hold).

• Chevron, based in Houston, achieved record production in the fourth quarter of 2025, driven by its robust upstream assets.
• Exxon Mobil reported its best performance in over four decades, with an average daily output of 4.7 million barrels of oil equivalent in 2025.

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