Azule Energy, a joint venture (JV) between Eni and bp, is set to invest an additional $5bn (Kz4.6trn) in Angola’s oil and gas sector over the next four to five years, reported Reuters, citing Eni chief operating officer Guido Brusco.
This move is expected to sustain the country’s oil production above one million barrels per day (mbbl/d) and reflects the significant overhaul of Angola’s regulatory regime to attract new investments.
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The investment will be allocated to new and existing projects, matching the funds injected since Azule Energy’s inception three years ago.
On the sidelines of an oil and gas conference, Brusco said: “We have in the next four to five years 18 wells to be drilled on which two-thirds are operated by Azule and one-third operated by others.”
In addition to its commitment to Angola, Eni has made strides in Mozambique, becoming the first exporter of liquefied natural gas (LNG) from the nation in 2022 with its Coral South floating platform.
Recently, Eni received approval from the Mozambican Government for the development plan of the Coral Norte (North) floating LNG (FLNG) platform, which is expected to produce 3.5 million tonnes per annum of LNG for three decades, effectively doubling LNG output from the offshore Rovuma Basin.
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By GlobalDataAbout Coral North FLNG, Brusco said: “We are still waiting for one partner approval, but we have government approval, we have the financial institutions, the loan is there, ready, the project is technically and financially strong.
“We do not foresee problems, and before the year-end you will hear something.”
The majority of the current LNG production is earmarked for the European market.
Meanwhile, southern Africa is also anticipating the commencement of TotalEnergies’ long-delayed onshore LNG project.
Earlier in July, Azule Energy unveiled a significant gas discovery at the Gajajeira-01 exploration well in Block 1/14 in the Lower Congo Basin offshore Angola.
