In August 2022 bp and Eni confirmed that Azule Energy, the new 50/50 independent joint venture combining the two companies’ Angolan businesses, is officially established. The JV is now Angola’s largest independent equity producer of oil and gas, combines both companies’ Angolan E&P, LNG and solar businesses and it holds:
- 2 billion barrels equivalent of net resources and growing to about 250,000 barrels equivalent a day (boe/d) of equity oil and gas production over the next 5 years
- stakes in 16 licences (of which 6 are exploration blocks) and a participation in Angola LNG JV.
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 boasts a strong pipeline of new projects that are scheduled to come on stream 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.