Azule Energy (a joint venture between BP and Eni) announced on Wednesday (19) the signing of an agreement with Afentra for the sale of Azule Energy's participating interest in Blocks 3/05 and 3/05A in shallow waters, located in the Lower Congo Basin.
The transaction, valued at 48.5 million dollars, includes a deferred contingent payment of up to 36 million dollars. Completion of the transaction, which is expected by the end of 2023, is still subject to legal issues and approvals from the Angolan authorities.
The sale of Azule Energy's non-operated interests in these shallow water blocks is in line with the company's strategic focus on key assets in Angola.
Commenting on the agreement, Adriano Mongini, CEO of Azule Energy, said: "We are pleased to announce the signing of this agreement with Afentra. This transaction represents a step consistent with Azule Energy's strategy of concentrating our efforts on our core assets in Angola, while at the same time reducing our carbon footprint."
Azule Energy remains committed to its vision of long-term sustainable growth and development in Angola's energy sector. As the company completes this divestment, it will remain committed to pursuing opportunities that are aligned with its strategic objectives, while contributing to Angola's social and economic progress.
About Azule Energy:
Azule Energy is an independent joint venture officially established on August 1, 2022, which combines the businesses of bp and Eni in Angola in an equitable manner. Azule Energy is Angola's largest independent oil and gas producer, holding two billion barrels of oil equivalent in liquid resources and plans to increase its own production to around 250,000 barrels of oil equivalent per day (boe/d) over the next five years. It has stakes in 20 licenses (six of which are exploration blocks), a stake in Angola LNG and is the Operator of the New Gas Consortium. Azule Energy has also taken over Eni's stake in Solenova, a solar company jointly owned with Sonangol, and collaboration in the Luanda Refinery.
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