Azule Energy takes final investment decision on Angola offshore project

​Azule Energy, a ‌joint venture between ​BP and Eni, has approved the development of the ‌Greater PAJ offshore oil project in Angola after taking a final investment decision, company and government ‌officials said at a signing ceremony in Luanda ‌on Monday.

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.

Azule, the operator of both blocks, ⁠signed a production-sharing agreement for Block 31/21 in 2023 ⁠and ⁠holds a 50% stake alongside Norway’s Equinor.

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