According to Eni, Azule is now Angola’s largest independent equity producer of oil and gas, with 2 Bboe of net resources and plans to reach 250,000 boe/d of equity oil and gas production over the next five years.
It has stakes in 16 licenses, six of which are exploration blocks, and participation in the Angola LNG JV. Azule will also take over Eni’s share in Solenova, a solar company joint venture with Sonangol, and the collaboration in the Luanda Refinery.
The new company expects to bring a series of new offshore projects onstream over the next few years, including the Agogo Full Field and PAJ oil developments in Blocks 15/06 and 31, respectively, and the New Gas Consortium, Angola’s first non-associated gas project.
Furthermore, Azule has more than 30,000 sq km of exploration acreage across the country’s most prolific basins, with proximity to established offshore infrastructure.
The leadership team will report to a six-person board comprising three bp and three Eni representatives. All bp Angola and Eni Angola staff have joined the new company.
Both majors expect Azule’s new independent, integrated operating model to deliver cost savings, mainly from operational synergies in logistics and technology.
The combination went through after securing third-party financing of $2.5 billion in the form of pre-export financing and regulatory approvals.