Italian multinational oil and gas company Eni and British oil and gas company bp have established the country’s newest independent joint venture (JV) – Azule Energy. Representing a 50:50 JV, the new firm will leverage both energy majors’ expertise to build a strong pipeline of projects, targeting 250,000 barrels of oil equivalent per day over the next five years.
Having combined Eni and bp’s Angolan businesses, Azule now holds two billion barrels equivalent of resources, as well as stakes in 16 licenses – six of which are exploration blocks – and an interest in the Angola liquefied natural gas JV.
Angola’s new JV will see a number of projects coming online over the next few years, developing current discoveries and accelerating production in the now biggest oil producer in Africa.
“The formation of Azule Energy is an important step for bp, Eni and Angola,” stated Bernard Looney, Chief Executive at bp, adding that, “Combining our Angolan businesses and drawing on both bp’s and Eni’s expertise, it will continue to safely and efficiently develop Angola’s resilient hydrocarbon resources and pursue new opportunities in oil and gas and other energies. Azule Energy continues our commitment to Angola and will create real value for both companies and the country.”
Eni CEO, Claudio Descalzi, emphasized that, “This is an important milestone for Eni, marking a step forward in Eni’s strategy of enhancing al our best assets. A new, strong entity is born, which combines our experience, skills and technologies with those of our partner bp, putting them at the service of the development of Angolan energy resources, with a priority commitment to environmental protection and the growth of local economy.”
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Azule Energy’s leadership comprises a six-person board, with three bp and three Eni representatives. Heading the organization will be Adriano Mongini, who stated that, “I feel honored to be the first CEO of the company. Together with a highly competent and motivated leadership team we are committed to develop the full potential of the company portfolio of development and exploration opportunities. With finance discipline and focus on HSE, Azule Energy will maximize the value of the assets for the benefit of Angola and of the shareholders.”
Azule Energy represents the biggest independent equity producer of oil and gas in Angola.