Azule Energy, a joint venture between BP and Eni, has struck a significant deal with UK-based energy company Afentra.
The deal involves the transfer of Azule’s stakes in Block 3/05 and Block 3/05A in the Lower Congo Basin to Afentra.
The purchase and sale agreement comprise a consideration of $48.5 million in addition to conditioned and deferred payments totaling up to $36 million.
These payments are subject to the price of oil, production limits, and development conditions, as outlined in a statement released by Azule.
This agreement, signed on July 18, 2023, was finalized following approval from the Ministry of Mineral Resources, Oil and Gas.
Azule’s interests in Angola span across 20 licenses, including blocks in the exploration phase, a stake in Angola LNG, and operations as the largest independent oil and gas producer in Angola through the New Gas Consortium.
With estimated reserves of two billion barrels of oil equivalent, Azule aims to increase its net production from 220,000 to approximately 250,000 barrels of oil equivalent per day over the next four years.
The company utilizes the barrel of oil equivalent as a standard measure to express the energy content of oil and gas reservoirs.
In addition to its oil and gas operations, Azule holds a 50 percent share in Solenova, a solar company established in partnership with Sonangol.
The company also collaborates with the Luanda Refinery to further diversify its energy portfolio.
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