LUANDA, June 22 – Azule Energy and its partners have approved the final investment decision for the US$5.1 billion Greater PAJ offshore oil project in Angola, reinforcing the country’s efforts to sustain crude oil production and attract new energy investment.
According to Reuters, the project is being developed by Azule Energy, a joint venture between BP and Eni, alongside partners Equinor, National Agency of Petroleum, Gas and Biofuels (ANPG), and Sonangol.
The Greater PAJ development is Angola’s first integrated cross-block offshore project and will combine production from Block 31 with nearby discoveries in Block 31/21 in the Lower Congo Basin.
The development will utilize a new floating production, storage and offloading (FPSO) vessel, supporting the commercial development of an estimated 252 million barrels of recoverable oil reserves across both blocks.
Production is expected to begin during the first half of 2029.
The investment follows several recent milestones for Azule Energy, including the start-up of the Agogo FPSO and progress on the New Gas Consortium project, further expanding the company’s presence in Angola’s upstream energy sector.
Azule Energy signed the production-sharing agreement for Block 31/21 in 2023 and holds a 50% interest in the block alongside Equinor.
“Greater PAJ will contribute to sustaining production, creating value for the country and reinforcing Angola’s position as a key energy supplier in the years ahead,” Azule Energy Chief Executive Officer Joseph Murphy said.
Angola has introduced a series of regulatory reforms in recent years to encourage investment in mature and marginal oil fields as it seeks to maintain national crude production at approximately one million barrels per day.
The Greater PAJ investment represents another significant step toward achieving that objective while strengthening the country’s position as one of Africa’s leading oil producers.
During the project signing ceremony, contracts were also awarded to several international engineering and energy services companies, including Baker Hughes, Saipem and TechnipFMC, which will support various phases of the development.
The project is expected to generate economic value through increased oil production, infrastructure development and continued investment in Angola’s offshore energy industry.
