Azule Energy, a joint venture between BP and Eni, and its partners have approved the $5.1 billion Greater PAJ offshore oil project in Angola, company and government officials announced .
The project partners include Norway’s Equinor, Angola’s National Oil, Gas and Biofuels Agency (ANPG), and state-owned Sonangol. As Angola’s first integrated cross-block development, the project will be operated by Azule Energy.
The investment represents Azule Energy’s latest expansion. The company, which is Angola’s largest independent oil and gas producer, recently began operations at the Agogo floating production, storage, and offloading vessel (FPSO) and launched the New Gas Consortium project.
The Greater PAJ deepwater development, located in the Lower Congo Basin, will connect existing production in Block 31 with nearby discoveries in Block 31/21 through a new FPSO.
According to a statement issued following the final investment decision, the two blocks contain an estimated 252 million barrels of oil reserves, with first oil expected in the first half of 2029.
source: www.reuters.com
African Energy Council