bp and Eni have commenced operations for Azule Energy, their new 50/50 independent joint venture combining the two companies’ Angolan businesses.
After announcing the intent to form the joint venture in May 2021, bp and Eni worked closely with the Angolan government.
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 five years. It holds stakes in 16 licenses (of which six are exploration blocks) and a participation in Angola LNG JV.
Azule Energy will also take over Eni’s share in Solenova, a solar company jointly held with Sonangol, and the collaboration in the Luanda Refinery.
Azule Energy has a strong pipeline of new projects that are scheduled to come on stream over the next few years, growing organically from exploration discoveries. The JV also holds sig
