Azule Energy, the joint venture between Italy’s Eni and BP, intends to invest another $5 billion in Angola over the next four to five years, Eni’s Chief Operating Officer Guido Brusco told Reuters on Wednesday.
The planned spending on both new and existing projects will match the investments made since the venture was formed three years ago in Sub-Saharan Africa’s second-largest oil producer.
Angola has recently revamped its regulatory framework in a bid to attract fresh investment as the former OPEC member seeks to sustain crude production above 1 million barrels per day.
“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,” Brusco said during an oil and gas conference.
He said Eni, which became Mozambique’s first liquefied natural gas (LNG) exporter in 2022 through its Coral South floating platform, is also advancing work on a second platform in the country, Reuters reported.
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Mozambique’s government approved the development plan for Coral Norte (North) in April, clearing the way for a final investment decision.
Once operational, Coral Norte will produce 3.5 million metric tons of LNG annually for 30 years, effectively doubling Mozambique’s LNG output from the offshore Rovuma Basin.
“We are still waiting for one partner approval, but we have government approval, we have the financial institutions, the loan is there, ready, the project is technically and financially strong,” Brusco said of the Coral Norte floating LNG project.
“We do not foresee problems, and before the year-end you will hear something.”
Much of the output is expected to supply Europe, while Mozambique also aims to advance TotalEnergies’ long-delayed onshore LNG project soon.
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Image Credit: Azule – Energy
