Azule Energy aims to boost output in Angola’s turnaround plans

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The largest privately owned oil and gas business in Angola, Azule Energy, announced on Thursday that it will increase production by almost 14% to 250,000 barrels per day (bpd) by 2026, supporting the nation’s efforts to revive its faltering output.

When BP (BP.L) and Eni (ENI.MI) combined their Angolan assets last year, Azule Energy was created as a 50/50 joint venture.

According to CEO Adriano Mongini’s interview with Reuters, the business intends to drill 16 exploratory wells over the next four years, including its first gas-specific well in 2024, with a total capital for exploration and production of $7 billion through 2027.

“We anticipate producing 250,000 barrels of oil per day on average by 2026. He added that the current production is roughly 220,000 barrels, and the majority of the new production will come from currently operating projects.

The Agogo Integrated West Hub will increase output with the development of both the Agogo and Ndungu fields, which are expected to possess 500 million barrels of recoverable reserves.

The project calls for delivering a brand-new, still-in-construction floating production, storage, and offloading vessel (FPSO), the first intended for the Angolan seas in over seven years.

The group’s New Gas Consortium (NGC), which is developing gas production from two offshore platforms and an onshore processing plant, is projected to provide its first output, Mongini added, around February 2026, five months sooner than anticipated.

NGC is Angola’s first non-associated gas project, and among its partners are BP, Chevron (CVX.N), and TotalEnergies (TTEF.PA).

To secure and boost feedstock, the gas generated will be linked to the Angola LNG facility, which has historically used gas related to oil production.

He said that NGC may increase Angola LNG’s production from its current 700–800 million standard cubic feet per day to or above its 1 billion scuf (standard cubic feet) per day capability.

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