Angola sets to expects an additional $5 billion investment from Azule Energy, the joint venture between Italian oil and gas explorer Eni and British Petroleum (BP), to support its oil and gas sector over the next four to five years.
Eni’s Chief Operating Officer for Global Natural Resources, Guido Brusco, revealed this during an oil and gas conference in Luanda on Wednesday, emphasizing the company’s commitment to sustaining output amid declining production levels.
“Since its inception, Azule Energy has invested more than $5 billion in Angola, and during the next few years, we plan to invest an additional $5 billion,” said Eni CEO Claudio Descalzi.
Azule Energy is Angola’s largest independent oil and gas producer.
It combines Eni’s and BP’s upstream portfolios in the country and is also expanding into solar power and low-carbon technologies.
Guido Brusco specified that the funds will target both new exploration projects and enhancements to existing assets.
“We have in the next four to five years 18 wells to be drilled, on which two-thirds are operated by Azule and one-third operated by others,” said Brusco.
This drilling program aims to accelerate resource development in key offshore blocks, where Azule holds significant operatorship.
Azule Energy’s executives further outlined the technical focus on subsea tie-backs and enhanced recovery techniques to optimize output efficiency.
Angola’s production challenges
Angola, Sub-Saharan Africa’s second-largest oil producer, recently exited the Organization of the Petroleum Exporting Countries (OPEC) to pursue independent growth strategies.
The National Agency for Petroleum, Gas, and Biofuels (ANPG) has overhauled regulatory frameworks, introducing fiscal incentives like reduced royalties and streamlined licensing to attract foreign capital.
This comes as the country’s crude output dipped below 1 million barrels per day (bpd) in recent months, down from peaks above 1.8 million bpd a decade ago, according to data from the ANPG.
Brusco’s announcement shows Azule’s role in countering this decline, with the investment poised to support Angola’s goal of stabilizing production above 1 million bpd.
This investment positions Azule Energy as a key player in Angola’s upstream revival, potentially catalyzing further commitments from majors like TotalEnergies and ExxonMobil.
Economically, the investment could generate thousands of jobs and boost government revenues through production-sharing agreements, aiding Angola’s diversification efforts beyond oil dependency.
In addition, Azule Energy is currently developing the Agogo integrated oilfield project in Block 15/06 and the Quiluma and Maboqueiro gas projects, Angola’s first non-associated gas development.
The company also holds stakes in 16 licences and operates more than 200,000 boepd in production.
“Our mission is to deliver reliable energy while investing in Angola’s long-term growth,” said Guido Brusco.
