Eni and BP to Invest EUR5 Billion in Angola through Azule Joint Venture

Eni and BP plan to invest EUR5 billion in Angola through their 50:50 joint venture Azule Energy over the next five years. Azule operates in the country and has launched the Agogo FPSO production unit, which aims to reach 370,000 barrels per day by 2026. The investment will be driven by the ramp-up of the Agogo Integrated West Hub and the start of the New Gas Consortium, Angola's first non-associated gas project.

Eni and BP, through their 50:50 joint venture Azule Energy, have announced plans to invest EUR5 billion in Angola over the next five years. This significant investment is aimed at boosting oil production and expanding the country's natural gas capabilities. The joint venture has already invested over EUR5 billion since its inception, and the upcoming investment will focus on ramping up production from the Agogo Integrated West Hub and the start of the New Gas Consortium (NGC), Angola's first non-associated gas project [1].

The Agogo FPSO (Floating Production, Storage, and Offloading) unit, which began production in 2024, is a key component of Azule Energy's strategy. The unit aims to reach a production capacity of 370,000 barrels per day (bpd) by the end of 2026. The ramp-up of the Agogo Integrated West Hub will be a critical factor in achieving this target. Additionally, the NGC project will significantly enhance Angola's LNG (Liquefied Natural Gas) production, ensuring the country's contribution to energy security [2].

The investment comes at a time when Angola's oil production has dropped below one million barrels per day, marking the first time since the country's exit from OPEC in 2024. This decline is a result of natural decline in legacy deepwater hubs and uneven upstream spending. However, recent reforms aimed at attracting international investment have begun to show results, as evidenced by Shell's return to the country after a 20-year absence [3].

Eni's CEO, Claudio Descalzi, met with Angola's President, João Lourenço, in September 2025 to discuss Azule Energy's progress and future initiatives. The meeting highlighted the joint venture's success in exploration and project delivery, as well as its commitment to sustainable development and community engagement [2]. Azule Energy has supported various social and environmental initiatives, including healthcare and education projects, and has played a significant role in demining activities in the Benguela province [2].

The upcoming EUR5 billion investment by Azule Energy is part of a broader strategy to revitalize Angola's energy sector. The investment will not only boost production but also contribute to the country's economic diversification and sustainable development. As Angola continues to attract international investment, the energy sector is poised for growth and recovery.

References:
[1] https://seekingalpha.com/news/4492076-eni-bp-azule-energy-jv-plans-to-spend-another-5b-in-angola-as-output-drops
[2] https://www.eni.com/en-IT/media/press-release/2025/09/the-president-of-angola-joao-lourenco-meets-eni-ceo-claudio-descalzi.html
[3] https://africa.businessinsider.com/local/markets/shell-returns-to-angola-amid-new-oil-block-bidding-to-boost-production/q9rpn84