BP Discovers Offshore Gas in Angola's Azule Field

BP has made an offshore gas discovery for Azule in Angola. The company is one of the world's leading oil groups, with net sales primarily generated from the sale of petroleum products (64%), natural gas and liquefied natural gas (12.9%), crude oil sales (1.2%), and other activities (21.9%). Export accounts for 68.9% of net sales.

Angola's oil and gas sector has received a significant boost with the announcement of a major gas discovery by Azule Energy, a joint venture between BP and Eni. The discovery, located in the Lower Congo Basin, is estimated to hold up to 1 trillion cubic feet of gas and 100 million barrels of condensate [1].

The Gajajeira-01 exploration well, the first gas-specific well in Angola's waters, was drilled by Azule Energy and confirmed the presence of a working hydrocarbon system, opening new exploration opportunities in the area [2]. The discovery is a landmark moment for gas exploration in Angola, according to Adriano Mongini, CEO of Azule Energy.

Angola has been focusing on recovering its oil production, which peaked in 2008 at 2 million barrels per day (bpd) but has declined in recent years due to underinvestment in offshore resources [2]. The country aims to boost its current oil production of about 1.1 million bpd and has quit OPEC as of January 2024 due to production quota disputes [2].

The discovery could position Angola as a potential player in the global gas and LNG market. BP and Eni, along with other energy majors, are active in LNG developments in West and East Africa, with projects in Senegal, Mauritania, and Mozambique [2].

Azule Energy will continue to assess the full potential of the discovery and collaborate with its exploration partners—Equinor, Angola’s state firm Sonangol, and Acrep SA—to determine the optimal development strategy [1].

References:
[1] https://seekingalpha.com/news/4467092-bp-eni-jv-makes-significant-gas-discovery-offshore-angola
[2] https://oilprice.com/Latest-Energy-News/World-News/BP-Eni-JV-Makes-Major-Gas-Discovery-Offshore-Angola.html