Eni-BP joint venture Azule Energy will invest $5 billion in Angola over the next five years and drill 18 wells, with two-thirds operated by the company, according to a Reuters report on Wednesday. The spending is comparable to Azule’s outlays since the JV launched in 2022 and centers on sustaining output from core offshore assets.
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.
The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands.
The company’s net debt rose to the highest in almost three years during the first quarter as it spends tens of billions of dollars on operations and a massive dividend amid softened oil prices. Aramco’s gearing ratio – a measure of its indebtedness – of 5.3 percent is far below that of most other oil majors, giving the firm room for increased borrowing.