Angola signs PSA for offshore oil and gas block

LUANDA, September 1, 2023 – Azule Energy along with partner Equinor have signed a PSA agreement to explore the offshore Block 31/21 located in the Lower Congo Basin in Angola, the local oil and gas independent announced on Wednesday.

The contract was signed with Angola’s upstream regulator the National Agency of Petroleum, Gas, and Biofuels and stipulates the drilling of one exploration well during the initial five-year exploration period.

The deal will see Azule Energy take a 50% operating stake in the concession, alongside partner Equinor with the remaining stake.

The deepwater 4,500-square-kilometre block is located 170 kilometres from the coastline and consists of 12 discoveries.

Azule Energy is a 50:50 joint venture between energy giants BP and Eni that was established in August 2022.

The PSA is the company’s first new entry into an exploration block in Angola.

Prior to the deal, Azule Energy held stake in 16 licences.

The company produces more than 200,000 boepd of oil and gas and 2 billion barrels equivalent of net resources.

“The signature of the PSA for Block 31/21 expands Azule Energy’s operatorship position in this proven and well-known petroleum system where Azule Energy had great exploration success and discovered major oil accumulations in adjacent blocks,” said Adriano Mongini, CEO of Azule Energy.

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