Azule Energy has secured exploration rights for three offshore blocks in Angola through direct negotiations with the National Agency for Oil, Gas, and Biofuels (ANPG).
Azule, Equinor, and Sonangol P&P will explore Blocks 46 and 47, the company said. Sonangol P&P has 20% and Equinor 40%, while Azule has 40% and will act as operator.
These two blocks are to the west of Block 31, which Azule owns.
The company will also work on Block 18/15 with an 80% stake. Sonangol P&P holds the remaining 20%.
BP, a part-owner of Azule, began discussions with Sonangol on these three blocks in 2018.
It holds the Lower Congo Basin blocks under risk-service agreements (RSAs). The three licences cover around 8,700 square kilometres of deep and ultra-deep water.
“We continue our mission as a strategic partner and to remain the biggest equity oil and gas producer in Angola,” said Azule CEO Adriano Mongini.
“Blocks 46 and 47 have never been explored before and represent a new frontier exploration area that can be a game changer for our company and the country’s energy industry.”
Meanwhile, exploration in Block 18/15 “can potentially open a new play and take advantage of the synergies with the production facilities already existing in Block 18.”.
ExxonMobil signed RSAs on its entry into the higher-risk Namibe Basin in 2020.
Azule signed up to explore Block 31/21 in late August with Equinor. This production-sharing agreement (PSA) stemmed from the 2021–22 licence round.
BP and Eni teamed up in August 2022 to create the Azule joint venture. It has production of around 220,000 barrels per day of oil and more than 2 billion barrels of resources.
In February of this year, Azule Energy made a final investment decision (FID) on the $7.8 billion Agogo project located in Block 15/06.
