Azule Energy will invest USD 5 billion in Angola over the next four to five years, Reuters reported on Wednesday.
The investment aims to develop new oilfield projects and expand Angola’s gas production capabilities. The company was formed in 2022 as a 50:50 joint venture between BP and Eni.
Azule Energy is currently developing the Agogo integrated oilfield project in Block 15/06 and the Quiluma and Maboqueiro gas project, Angola’s first non-associated gas development. The company also holds stakes in 16 licences and operates more than 200,000 boepd in production.
“Our mission is to deliver reliable energy while investing in Angola’s long-term growth,” Eni CEO Guido Brusco told the agency.
Azule Energy is Angola’s largest independent oil and gas producer. It combines Eni’s and BP’s upstream portfolios in the country and is also expanding in solar power and low-carbon technologies.
BP and Eni have long-standing operations in Angola. BP has been present since the early 1990s, with interests in Blocks 18 and 31, while Eni has operated across multiple onshore and offshore assets, including Block 15/06, and plays a key role in Angola’s gas master plan.
Source: Theenergyyear.com