Angola’s largest independent oil and gas producer Azule Energy and Afrenda oil and gas company will sign an agreement with the aim to sale certain equity interests in Blocks 3/05 and 3/05A in shallow waters, located in the Lower Congo Basin.
In a note to which ANGOP had access to, the company said that the transaction which is valued at USD 48.5 million, includes payment of outstanding dues of up to USD 36 million.
Also read: Afentra expands interests in Angola blocks 3/05 and 3/05A
The completion of the transaction, which is expected to take place by the end of this year, will still await legal issues and the approval of the Angolan government.
The company’s note adds that the disposal of the non-operated interests of Azule Energy in these blocks in the shallow waters is linked to the strategic priorities of the company’s core assets in Angola.
According to the Azule Energy CEO, Adriano Mongini, the transaction represents an important step in light of the strategy to join efforts in the core assets in Angola and while reducing the carbon footprint.
He said that Azule Energy remains committed to its vision of long-term sustainable growth and development in Angola’s energy sector, adding that as the company completes this disposal, the company will remain committed to pursuing opportunities that are aligned with its strategic objectives, while contributing to Angola’s social and economic progress.
Azule Energy is an independent joint venture officially established on 1 August 2022 and joins British Petroleum Company (BP) and the Italian multinational energy company Ente Nazionale Idrocarburi´s (ENI) businesses in Angola, equally.
Azule Energy is Angola’s largest independent oil and gas producer, holding 2 billion barrels of oil equivalent in liquid resources and expects to increase to around 250,000 barrels of oil equivalent per day (boe/d) of own production over the next 5 years.
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It has stake in 20 licences (of which 6 are exploration blocks), stake in Angola the Liquefied Natural Gas (LNG) and it is the operator of the new gas consortium. Azule Energy has stakes in the ENI in Solenova, a solar company jointly owned with Sonangol, and the collaboration in the Luanda Refinery.
