Bp and Eni to Partner to Create Angola's Largest Crude Oil Producer

Oil and gas giants BP (bp) and Eni (Eni) have signed an agreement to create a new, 50/50 independent company. The new company will be named Azule Energy and is expected to be the largest oil producer in Angola.

The agreement follows a memorandum of understanding between the two companies in May 2021.

Azule Energy will become a new international energy company, independently managed, with more than 200,000 barrels per day of net oil and gas production and 2 billion barrels of net resources, according to the two companies on Friday. The company is expected to become Angola's largest gas producer, with stakes in 16 licenses and participation in the Angolan LNG joint venture. Azule Energy will also acquire Eni's stake in Solenova, a solar energy company jointly owned by Eni and Angola's Petronas.

Azule Energy will launch a strong series of new projects over the next few years, including the new Agogo and PAJ oil projects at Blocks 15/06 and 31 respectively. The company will also develop the New Gas Consortium (NGC), Angola’s first non-associated natural gas project, which will support the energy needs of Angola’s growing economy, its path to decarbonization and strengthen its role as a global LNG player.

bp and Eni believe that combining their efforts with a long-term vision will create more efficient operations and offer potential for increased investment, job creation and growth in Angola. Azule Energy will continue to develop the full potential of the country's upstream industry, while also seizing new opportunities from the energy transition as natural gas and renewables play an increasingly important role in its portfolio.