Azule Energy, the joint venture between BP and Eni, together with its partners, has given final approval for the $5.1 billion Greater PAJ offshore oil project in Angola, marking the country’s first integrated cross-block development and one of its largest investment commitments in years.
The announcement was made by company and government officials during a signing ceremony, with key partners including Norway’s Equinor, Angola’s oil and gas agency ANPG, and state-owned Sonangol joining alongside operator Azule. The deepwater development, situated in the Lower Congo Basin, will deploy a new floating production, storage, and offloading vessel to connect existing production in Block 31 with nearby discoveries in Block 31/21.
Total estimated oil reserves across both blocks stand at approximately 252 million barrels, with first oil production anticipated in the first half of 2029. “Greater PAJ will contribute to sustaining production, creating value for the country and reinforcing Angola’s position as a key energy supplier in the years ahead,” said Joseph Murphy, CEO of Azule Energy.
The investment marks the latest expansion by Azule, currently Angola’s largest independent oil and gas producer, following the recent startup of its Agogo FPSO and the New Gas Consortium project. Angola has been actively overhauling its regulatory framework to attract new investment into its mature and marginal fields, aiming to maintain crude output at approximately one million barrels per day. Eni’s chief operating officer had previously indicated that Azule planned to invest an additional $5 billion into Angola’s oil and gas sector over the coming years. Contracts were also signed the same day with specialised engineering and technology firms selected for the project, including Baker Hughes, Saipem, and TechnipFMC.
Source: Baird Maritime