AfrOil: Eni, BP finalise plan for Azule JV in Angola

Eni and BP have finalised an agreement first announced in May 2021 to form an independent joint venture in Angola.

The new company, Azule Energy, will combine all of the Italian and British energy majors’ businesses in the African country and will be managed independently. It will produce more than 200,000 barrels of oil equivalent per day (boepd) and have 2bn boe of net resources.

The joint venture is slated to become Angola’s largest producer, with stakes in 16 licence areas and the Angola LNG joint venture.

“The creation of Azule Energy is a further step in advancing our strategic approach to accelerate growth through focused lean and financially independent companies,” Eni’s CEO Claudio Descalzi said in a statement on Friday, March 11. “Combining two world-class businesses into one stronger team, Azule Energy will leverage synergies and high-quality assets, boosting activities in Angola, and will have one of the largest portfolios of production, development and exploration opportunities in sub-Saharan Africa.”