bp and Eni confirmed 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 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.
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.
Eni and bp share common goals for Azule Energy in achieving environmental and sustainability ambitions. They believe that combining their efforts will create more efficient operations and offer the potential for increased investment, job creation and growth in Angola. They anticipate Azule Energy’s new independent, integrated operating model will unlock significant cost savings, mainly from operational synergies in logistics and technology.