BP, Eni JV Begins Operations in Angola

Formed through a combination of BP's and Eni's Angolan operations, Azule Energy is now the largest independent oil and gas producer in the country.

Hart Energy Staff
Azule Energy, bp, Eni, Angola

After pending conditions were met, including having secured third-party financing of $2.5 billion and receiving regulatory approvals, the joint venture between bp and Eni, Azule Energy, was finalized. (Source: Lukasz Z / Shutterstock.com)

Azule Energy, a joint venture between BP and Eni, was officially established on Aug. 2 and is now the largest independent equity oil and gas producer in Angola, according to a press release.

The company holds 2 Bboe of net resources and is growing to approximately 250,000 boe/d of equity oil and gas production over the next five years. In addition to taking over Eni's share in solar company Solenova, Azule Energy gained stakes in 16 licenses, including six exploration blocks, as well as a participation in the New Gas Consortium's Angola LNG joint venture.

Azule Energy already has a strong portfolio of new projects scheduled to come on stream over the next few years, including the Agogo Full Field project located in Block 15/06 and PAJ oil project located in Block 31.

As part of the New Gas Consortium, it will help to supply Angola's energy needs for the country's growing economy and strengthen its role as a global exporter of LNG. It also gives the company proximity to existing infrastructures in 30,000 sq km of Angola's most productive basins for exploration.

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