LUANDA, Angola – bp and Eni have signed an agreement to combine their Angolan businesses into a new company, Azule Energy.
The independently managed organization, owned 50-50 by the co-venturers, will produce over 200,000 boe/d (net) of oil and gas with net resources of 2 Bboe.
According to Eni, it will be Angola’s largest producer of hydrocarbons, with interests in 16 licenses.
Currently Eni operates blocks 15/06 Cabinda North, Cabinda Centro, 1/14, 28 and shortly also the New Gas Consortium, said to be Angola’s first non-associated gas project. In addition, Eni has non-operated interests in non-operated blocks 0 (Cabinda), 3/05, 3/05A, 14, 14 K/A-IMI, 15 and Angola LNG.
bp operates blocks 18 and 31 offshore Angola, with non-operated stakes in blocks 15, 17, 20 and 29, NGC and Angola LNG.
New projects set to start up over the next few years under Azule Energy’s management include the Agogo and PAJ oil developments in offshore blocks 15/06 and 31 respectively.
It will also develop the NGC, and take on Eni’s stake in Solenova, a solar venture held jointly with Sonangol.
Pooling operations and resources will lead to efficiencies and should offer the potential for increased investment, job creation and growth in Angola, Eni said.
Azule Energy will continue to work on upstream opportunities, while positioning itself for the energy transition through the growing role of gas and renewables in its portfolio, the company added.
Eni and bp aim to complete the transaction in the second half of this year, pending governmental and other approvals. Once established, Azule Energy will be equity accounted the two companies with hydrocarbon production and GHG emissions reported on an equity share basis.