Azule Energy approves $5.1 billion offshore Angola project
Azule Energy - a 'joint venture' between BP, Eni and?Their partners - has approved the $5.1 Billion Greater PAJ offshore oil projects in Angola. This was announced by company and government officials at a Monday signing ceremony.
The project is Angola’s first integrated cross block development. Partners include Norway’s Equinor and Angola’s oil and Gas agency ANPG, as well as the state-owned company Sonangol. Azule is the company that operates this development.
This investment is the latest in a series of expansions by Azule, Angola’s largest independent oil and gas producer. It follows the recent launch of the Agogo floating storage, offloading and production vessel (FPSO), and the 'New Gas Consortium Project.
The Deepwater Greater PAJ Development in the Lower Congo Basin uses a new FPSO to?connect existing production in Block 31 and nearby discoveries in Block '31/21.
A press release celebrating the FID stated that the total oil reserves of both?blocks are estimated to be 252 million barrels. The first oil is expected in the first quarter of 2029.
ANGOLA PUSHING FOR MAINTAINING CRUDE OUTPUT
Azule is the operator of Block 31/21 and has a 50% stake alongside Equinor.
Joseph Murphy, CEO at Azule Energy said that "Greater PAJ" would contribute to maintaining production, creating value in the country, and strengthening Angola's role as a major energy supplier?in the future.
Angola, a major?African producer of oil, has overhauled the regulatory regime in order to attract new investments into its marginal and mature fields. It is also trying to maintain its crude oil production at 1 million barrels per day.
Eni's chief operational officer, in September, told Azule that it planned to invest an additional $5 billion in Angola's oil and gas sector within the next few years.
On Monday, contracts were signed with a number of specialised engineering and technology firms selected for the project, including Baker Hughes, Saipem, and TechnipFMC. Reporting by Miguel Gomes, Wendell Roelf and Sfundo Parakozov. Writing by Sfundo parakozov. Editing by Bate Felice and Jan Harvey.
(source: Reuters)
