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Eni and BP create independent JV in Angola

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BP and Eni have signed an agreement to form a new 50/50 independent company, Azule Energy (a BP and Eni Company), through the combination of the two companies’ Angolan businesses.

Azule Energy will be a new international energy company, independently managed, with more than 200 000 boe/d of net oil and gas production and 2 billion boe of net resources. It is expected to be Angola’s largest producer, holding stakes in 16 licences, as well as participating in the Angola LNG joint venture. Azule Energy will also take over Eni’s stake in Solenova, a solar company jointly held with Sonangol.

Azule Energy will have a strong pipeline of new projects starting up over the next few years, including the new Agogo and PAJ oil projects in Blocks 15/06 and 31 respectively. It will also develop the New Gas Consortium (NGC), the first non-associated gas project in the country.

Bernard Looney, BP’s chief executive, said: “Angola has long been important for BP operations and this innovative new venture underscores and enables our continued commitment to the country. Eni is a valued partner to be working with in the region. Azule Energy draws on our combined strengths and skills and, more importantly, is anchored in our shared values and beliefs about what the future of energy should be. Ultimately Azule Energy will be able to drive efficiencies and realize new opportunities across an expanded and truly exciting portfolio.”

Claudio Descalzi, CEO of Eni, said: “The creation of Azule Energy is a further step in advancing our strategic approach to accelerate growth through focused lean and financially independent companies. Combining two world-class businesses into one stronger team, Azule Energy will leverage synergies and high-quality assets, boosting activities in Angola and will have one of the largest portfolios of production, development and exploration opportunities in Sub-Saharan Africa. BP shares our values and our approach to just transition and we are very pleased to be partners in this initiative.”

Currently Eni is operator of Blocks 15/06 Cabinda North, Cabinda Centro, 1/14, 28 and soon NGC. In addition, Eni has a stake in the non-operated blocks 0 (Cabinda), 3/05, 3/05A, 14, 14 K/A-IMI, 15 and in Angola LNG.

BP is operator of Blocks 18 and 31 offshore Angola, and has non-operated stakes in blocks 15, 17, 20 and 29. BP also has non-operated interests in NGC and Angola LNG.


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Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/14032022/eni-and-bp-create-independent-jv-in-angola/

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