Aiming to increase production above 1.1 million barrels of oil per day (bopd) – while diversifying into gas monetization and value-added activities – Angola is spearheading the revitalization of its upstream landscape as a mature petroleum producer. International energy company Azule Energy has signed onto African Energy Week: Invest in African Energy 2024 as a Silver Sponsor, affirming its commitment to harnessing Africa’s energy resources and scaling oil and gas production to achieve long-term energy security.
Azule Energy – a joint venture between Eni and bp – represents Angola’s largest independent equity producer of oil and gas and a key player in achieving Angola’s production ambitions. The company holds 2 billion barrels equivalent of net resources and 20 licenses – of which 11 are operated – and is seeking to increase operated output to 250,000 bopd through the Agogo Integrated Wet Hub and PAJ Complex Upstream projects in Blocks 15/06 and 31, respectively. Block 15/06 is expected to become an integrated service hub for local industries, generating $5.6 billion and 1,400 jobs by 2044 as Azule Energy maximizes reserves and optimizes production from the Agogo and Ndungu fields.
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Returning to AEW: Invest in African Energy as a Silver Sponsor, Azule Energy is expected to discuss Angola’s pathway to increasing oil output, as well as the country’s future role as a major LNG exporter. As operator of the New Gas Consortium (NGC) – the first non-associated gas project in Angola – Azule Energy is leading development of the shallow-water Quiluma and Maboqueiro fields to produce 4 billion cubic meters of gas per year via two offshore platforms, an onshore gas processing plant and a connection to the existing Angola LNG plant. The foundation stone was laid for the NGC’s operations facilities in Soyo last October and an estimated $1 billion of the project costs will be allocated to the procurement of local goods, services and materials.
The company maintains a broad, diversified energy portfolio that focuses on maximizing operational efficiencies and deploying emissions-lowering technologies. Affirming its commitment to innovation in the sector, Azule Energy is piloting an offshore carbon capture and storage (CCS) plant on the Agogo FPSO, set to be the world’s first post-combustion carbon capture unit installed on an FPSO. With a view to advancing Angola’s energy transition, Azule Energy also launched Angola’s first solar photovoltaic (PV) plant – the 25 MW Caraculo solar farm – in partnership with national oil company Sonangol and is actively contributing to Angola’s goal of reaching 500 MW of renewable energy by 2025.
“Azule Energy is answering Angola’s call for upstream investment, from establishing new offshore production hubs to maximizing operational efficiencies to deploying first-of-its-kind CCS technologies. These achievements demonstrate that IOCs can and should continue to develop Africa’s hydrocarbon resources to meet growing energy demand, while still prioritizing sustainability and innovation in the sector,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.
During AEW: Invest in African Energy, Azule Energy is expected to expand discussions around Angola’s upstream agenda while providing insight into the company’s long-term investment strategy. Through participation in various panel discussions, the company will discuss how balancing oil and gas production with low-carbon technology can bolster both energy security and a transition to a sustainable future. The company’s return to the conference showcases a strong commitment by Angola’s operators to drive investment in African oil and gas production.
Distributed by APO Group on behalf of African Energy Chamber.
