"Our exploration program for the next four years represents a comprehensive approach to hydrocarbon discovery across Angola's diverse geological provinces."

Adriano Mongini

CEO, AZULE ENERGY

July 09, 2025

Can you provide an overview of Azule Energy's footprint in Angola? 

Azule Energy is a JV between BP and Eni, each holding a 50% share. We operate in Angola under different agreements that set out the company's contractual relationship with the Angolan Government. Combining the assets and workforces from our legacies in Angola, Azule Energy stands as a key player in Angola's oil and gas sector, leveraging a diversified portfolio of assets.  Our portfolio of assets includes 18 licensed blocks for oil exploration and production, 11 of which are operated by Azule, including the New Gas Consortium (NGC), Angola's first non-associated gas project. Azule also participates in Angola LNG JV and Solenova, a solar JV with Sonangol.

Actively driving production from Blocks 15/06, 31, and 18, Azule holds strategic stakes in seven partner-led concessions: Blocks 0, 14, 14/K, 15, 17, 29, and ALNG. Our 2024 Net Production was 210 mboepd, with 80% oil and 20% gas. The AGOGO Integrated West Hub (IWH) represents one of Angola's most substantial offshore oil developments, containing approximately 450 MMbbl. This project will deliver 175,000 bpd through a dual FPSO configuration, utilizing the Agogo and Ngoma floating production units. Production startup is targeted for the third quarter of 2025, marking a significant milestone in Angola's offshore oil development program.

The NGC is a strategic partnership bringing together Sonangol P&P, Chevron and Total. This collaboration focuses on unlocking Angola's shallow water gas resources through a phased development approach. At plateau production, the NGC project will deliver 300 MMSCFD, equivalent to approximately 100,000 boepd. 

Our exploration program for the next four years represents a comprehensive approach to hydrocarbon discovery across Angola's diverse geological provinces. Block 1/14 marks a strategic milestone in our exploration approach, hosting our first dedicated gas exploration well. Our frontier exploration program ventures into Angola's most challenging and potentially rewarding geological environments. Blocks 46 and 47 target ultra-deepwater prospects within the Lower Congo Basin. Block 28 represents our commitment to true frontier exploration, targeting untested basins where geological understanding is still evolving. 

What makes Namibia an attractive hydrocarbon jurisdiction?    

It is a region with great prospectivity for hydrocarbons. Following the successful completion of our transaction in December 2024, we now hold a 42.5% interest in Block 2914A within Namibia's prolific Orange Basin, a region that has attracted global attention since 2022 with several world-class hydrocarbon discoveries.
Namibia is at an early stage but with encouraging prospects. 

What is Azule Energy's outlook on the Angolan oil & gas industry?  

Since 2017, Angola has transformed the energy sector through visionary reforms, creating a more dynamic and investor-friendly environment. The creation of the National Agency of Petroleum, Gas, and Biofuels (ANPG) as a regulatory and supervisory entity and the Regulatory Institute of Petroleum Derivatives (IRDP), together with specific policy changes, has unlocked growth, balancing national interests with global competitiveness.

The future of Angola's oil and gas sector is fundamentally underpinned by two critical pillars: the country's strategic licensing approach and its innovative exploration strategy. These foundational elements create the framework for sustained sector growth and international investment attraction. The licensing strategy ensures optimal resource allocation while maintaining competitive terms that appeal to global operators, while the exploration strategy focuses on unlocking Angola's vast untapped potential across both conventional and frontier plays. Central to this positive trajectory is the proactive approach demonstrated by Angolan authorities, who have shown exceptional capacity to read and respond to global energy sector dynamics. 

What are Azule Energy's priorities for 2025/2026?

Our near-term commercial strategy centers on two transformational project milestones. The Agogo IWH is scheduled for startup in the third quarter of 2025. Following closely, the NGC is targeted to deliver first gas in the fourth quarter of 2025. The company's project pipeline extends beyond these immediate deliverables, with the greater PAJ project approaching FID. Azule Energy's strategic vision is fundamentally anchored in infrastructure-led exploration, an approach that maximizes synergies between existing facilities and new discoveries. The strategy extends beyond Angola's borders, with a significant focus on neighboring Namibia, where Azule is positioning itself to capitalize on the country's emerging hydrocarbon potential.

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