Azule Energy, a joint venture between BP and Eni, and its partners have approved the $5.1 billion Greater PAJ offshore oil project in Angola, company and government…
Azule Energy, a joint venture between BP and Eni, and its partners have approved the $5.1 billion Greater PAJ offshore oil project in Angola, company and government officials said at a signing ceremony on Monday.
Partners in the project, Angola's first integrated cross-block development, include Norway's Equinor, Angola's oil and gas agency ANPG and state-owned firm Sonangol. The development is operated by Azule.
The investment marks the latest expansion by Azule, Angola's largest independent oil and gas producer, following the recent start-up of its Agogo floating production, storage and offloading vessel (FPSO) and the New Gas Consortium project.
The deepwater Greater PAJ development in the Lower Congo Basin will use a new FPSO and tie together existing production in Block 31 with nearby discoveries in Block 31/21.
Total oil reserves in both blocks associated with the development are estimated at 252 million barrels, with first oil expected in the first half of 2029, a press statement celebrating the FID said.
ANGOLA PUSHING TO MAINTAIN CRUDE OUTPUT
Azule, the operator of both blocks, signed a production-sharing agreement for Block 31/21 in 2023 and holds a 50% stake alongside Equinor.
"Greater PAJ will contribute to sustaining production, creating value for the
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