Azule Energy (https://bit.ly/3dUKXHX), a new independent 50/50 joint venture combining the Angolan business assets of major oil and gas companies, bp and Eni, will participate as a platinum sponsor in the Angola Oil & gas this year.
(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 have a stake in the Angolan 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 had in conjunction with the Angolan parastatal, Sonangol.
“The participation of Azule Energy, the largest independent oil and gas producer in Angola, as a Platinum Sponsor in this year’s edition of AOG exemplifies the scope and magnitude of the event, which clearly represents a fundamental opportunity for the growth and development of Angola’s 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) that includes production from the Agogo oil field development in Block 15/06, off the coast of Angola; the ultra-deepwater PAJ complex conventional oil field in Block 31; as well as the first non-associated gas project in the country, the New Gas Consortium.
With an exploration area of more than 30,000 km2, Azule Energy will draw on the experience and expertise of a leadership team that will report to a six-person board made up of six representatives from BP and Eni. Having received regulatory approvals from the Government of Angola and secured $2.5 billion worth of third-party financing 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 being signed in May 2021.
Bp and Eni (https://bit.ly/3SHjRCQ) expressed their anticipation that Azule Energy will unlock significant cost savings, to be derived primarily from operating synergies in logistics and technology, with the JV he hoped to create the potential for further investment, job development and socio-economic growth in Angola.
Returning for its third edition to Luanda, and under the auspices of the Minister of Mineral Resources, Oil and Gas of Angola, HE Diamantino Pedro Azevedo, and in partnership with the country’s national concessionaire, the National Agency for Oil, Gas and Biofuels, AIDAC , and the African Energy Chamber (https://bit.ly/3Q34QcU), AOG 2022 is the leading platform to address the most pressing issues in the country’s energy market as it strives to use its natural resources to promote development socioeconomic, achieving fuel independence, and facilitating large-scale investments while addressing the narrative of a just energy transition.