Azule Energy, a joint venture between BP and Eni, has greenlit the $5.1 billion Greater PAJ offshore oil project in Angola alongside partners Equinor, Angola’s oil agency ANPG, and state firm Sonangol. The deepwater development in the Lower Congo Basin will combine a new floating production vessel with existing output from Block 31 and nearby discoveries, targeting estimated reserves of 252 million barrels. First oil production is expected in early 2029. The investment follows Azule’s recent launch of its Agogo production vessel and a separate gas project, reinforcing its position as Angola’s largest independent oil and gas producer. Azule CEO Joseph Murphy said the project would help sustain output and strengthen Angola’s role as a key energy supplier. The deal comes as Angola overhauls regulations to attract investment and maintain crude production near 1 million barrels per day.
Reuters
