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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Azule Energy, Angola’s new largest independent oil and gas producer, begins operations
10/8/2022
BP and Eni have announced that Azule Energy, the new 50:50 independent joint venture combining the two companies’ Angolan businesses, has been officially established.
Azule Energy is now Angola’s largest independent equity producer of oil and gas, holding 2bn boe of net resources and growing to about 250,000 boe/d of equity oil and gas production over the next five years. The company holds stakes in 16 licences (of which six are exploration blocks) and a participation in the Angola LNG joint venture. Azule Energy will also take over Eni’s share in Solenova, a solar company jointly held with Sonangol, and the collaboration in the Luanda refinery.
Azule Energy has a pipeline of new projects that are scheduled to come onstream over the next few years, growing organically from exploration discoveries. These include the Agogo full field and PAJ oil projects in blocks 15/06 and 31 respectively, and the New Gas Consortium (NGC), the first non-associated gas project in the country, which will support the energy needs of Angola’s growing economy and strengthen its role as a global LNG exporter. The independent company also holds significant exploration acreage in excess of 30,000 km2 in Angola’s most prolific basins, allowing it to leverage proximity with existing infrastructure.
Eni and BP say they ‘share common goals for Azule Energy in achieving environmental and sustainability ambitions’. Furthermore, they believe that combining their businesses in Angola will ‘create more efficient operations and offer the potential for increased investment, job creation and growth’ in the country, with Azule Energy’s new independent, integrated operating model unlocking ‘significant cost savings, mainly from operational synergies in logistics and technology’.
