British energy major BP is planning to invest approximately $5 billion in Angola’s oil sector through the development of a major initiative known as the Peace Project — a commitment that emerged as the centrepiece of high-level discussions between Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, and senior BP executives at the company’s London headquarters.
The Peace Project represents one of the largest single planned investments in Angola’s energy sector in recent years and is expected to contribute significantly to the country’s future oil production capacity. Angola’s Ministry of Mineral Resources, Petroleum and Gas confirmed that the meeting covered ongoing BP investments in Angola, with the Peace Project identified as a priority initiative expected to support increased production levels as Angola works to maintain its position among Africa’s leading oil producers.
The London discussions ranged across several dimensions of the BP-Angola relationship. In addition to the Peace Project, both sides explored opportunities to strengthen cooperation between BP and Angola’s state-owned oil company Sonangol, particularly in the storage and distribution of petroleum products — with the possibility of expanding that collaboration beyond Angola to support petroleum distribution across southern Africa. Minister Azevedo emphasised the strategic value of maintaining high-level contacts with major international energy companies operating in Angola, describing such relationships as essential to demonstrating Angola’s consistency and reliability as an investment destination.
The meeting also included substantive discussions on BP’s participation in Azule Energy, the Angola-focused joint venture formed between BP and Eni that currently ranks among the country’s largest independent oil and gas producers. Azule Energy plays a central role in Angola’s upstream energy sector, and both parties used the London meeting to explore how the partnership can be further developed to drive long-term production and value. Minister Azevedo was accompanied by Angola’s Ambassador to the United Kingdom, José Patrício, Sonangol Chairman Sebastião Gaspar Martins, and National Oil, Gas and Biofuels Agency Director Alcides Andrade, while BP was represented by Executive Vice President Gordon Birrell, CEO Meg O’Neill, and Azule Energy Chairman Joe Murphy. Azevedo said Angola remains committed to stability, innovation, and legal certainty to keep the Angolan oil sector competitive given its geological potential and operational experience.
Source: angolanminingoilandgas.com