Azule Energy (https://bit.ly/3dUKXHX), a new independent 50/50 joint venture that combines the Angolan business assets of oil and gas supermajors bp and Eni, will participate as platinum sponsors in this year’s Angola Oil & Gas (AOG) 2022 (https://bit.ly/3UyBCpP) Conference and exhibition – organized by Energy Capital & Power (www.EnergyCapitalPower.com) – which will take place in Luanda from November 29 to December 1.
The joint venture will own a stake in Angola Liquefied Natural Gas JV, one of Africa’s largest energy projects, while taking over Eni’s stake in renewable energy project developer, Solenova, which the supermajor jointly owned. with the Angolan parastatal, Sonangol.
“The participation of Azule Energy, Angola’s largest independent oil and gas producer, as a platinum sponsor in this year’s edition of AOG illustrates the scope and scale of the event, which clearly represents a fundamental opportunity for the growth and development of the Angolan energy industry”, says Miguel Artacho, director of the Energy Capital & Power International conference.
Azule Energy has a strong pipeline of upcoming projects (https://bit.ly/3riiYF5) which includes production from the Agogo oilfield development in Block 15/06, offshore Angola; the conventional ultra-deepwater PAJ Complex oilfield in Block 31; as well as the country’s first non-associated gas project, the New Gas Consortium.
With an exploration area over 30,000 km2Azule Energy will draw on the expertise and experience of a management team that will report to a six-person board including six representatives from BP and Eni.
After receiving regulatory approvals from the Angolan government and securing third-party financing in the amount of $2.5 billion in the form of pre-export financing, the agreement to form the JV was signed by the international oil companies in mid-March 2022, with the memorandum of understanding having been signed in May 2021.
Bp and Eni (https://bit.ly/3SHjRCQ) expressed their anticipation that Azule Energy will unlock significant cost savings, which will primarily come from operational synergies in logistics and technology, with the joint venture expected to create the potential for increased investment, employment development and socio-economic growth in Angola.
Back for its third edition in Luanda, and under the auspices of the Angolan Minister of Mineral Resources, Petroleum and Gas, HE Diamantino Pedro Azevedo, and in partnership with the country’s national concessionaire, the National Petroleum, Gas Agency and biofuels, AIDAC, and the African Energy Chamber (https://bit.ly/3Q34QcU), AOG 2022 is the premier platform to address the most pressing issues in the country’s energy market as it strives to use its natural resources to promote socio-economic development, achieve the energy independence and facilitate large-scale investments while addressing the energy just transition narrative.
Distributed by APO Group on behalf of Energy Capital & Power.
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