Azule Energy takes final investment decision on Angola offshore project
Azule Energy, a joint venture between BP and Eni, has approved the development of the Greater PAJ offshore oil project in Angola, marking its latest expansion.
- Country:
- Angola
Azule Energy, a joint venture between BP and Eni, has approved the development of the Greater PAJ offshore oil project in Angola after taking a final investment decision, company and government officials said at a signing ceremony in Luanda on Monday.
The investment marks the latest expansion by Azule, Angola's largest independent oil and gas producer, following the recent start-up of its Agogo floating production, storage and offloading vessel (FPSO) and the New Gas Consortium project. The deepwater Greater PAJ development in the Lower Congo Basin will use a new FPSO and tie together existing production in Block 31 with nearby discoveries in Block 31/21.
Azule, the operator of both blocks, signed a production-sharing agreement for Block 31/21 in 2023 and holds a 50% stake alongside Norway's Equinor.
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