Azule Energy farm-out offshore Angola in doubt

BW Energy and Maurel & Prom’s proposed farm-in two blocks offshore Angola looks to have fallen through, BW reported.

The two companies had reached an agreement to acquire partial stakes held by Azule Energy in the license.

However, an existing partner has indicated its intention to exercise its pre-emption rights in relation to the transfer.

Terms for the agreement will remain in place until Azule executes a new sale and purchase agreement with the other party.

BW Energy said it remains committed to establishing an upstream presence in Angola and will continues to assess opportunities elsewhere in the country and the wider West African region.