Angola. Eni and BP launch Azule Energy, a new 50/50 joint venture company operating in Angola’s oil and gas sector

Azule Energy has been officially launched. It is a new 50/50 joint venture company established by Eni and BP through the combination of the two companies' Angolan businesses in the exploration and production of hydrocarbons. The agreement, which follows the memorandum of understanding between Eni and the British company signed in May 2021, lays down that Azule Energy will be a new energy company with more than 200,000 barrels equivalent a day of net oil and gas production and 2 billion barrels equivalent of net resources. It is expected to be Angola's largest energy producer, outperforming France's Total, as it holds stakes in 16 licences, as well as participating in the Angola LNG consortium that manages the natural gas liquefaction plant in Soyo. Azule Energy will also take over Eni's stake in Solenova, a solar company jointly held with Sonangol operating in the solar energy sector and in charge of the photovoltaic project in Caraculo, in the Namibe province. The new company will, on the one hand, contribute to tap the potential of the Country's upstream sector through new projects to be expedited in the upcoming years, including the Agogo and PAJ oil projects in Blocks 15/06 and 31 respectively and, on the other hand, grasp the new opportunities from energy transition through the growing role of natural gas and renewables in its portfolio.