Page 13 - AfrOil Week 31 2022

AfrOil PROJECTS & COMPANIES AfrOil

ReconAfrica is exploring two sections of the The Canadian company found evidence of
Greater Kavango basin – PEL 73, which covers a working conventional petroleum system in
an area of 25,500 square km in north-eastern 6-1, its second exploration well at PEL 73, last
Namibia, and PEL001, an adjacent block in year. This marked its second discovery since the
north-western Botswana that covers an area of beginning of 2021, as the first exploration well
9,921 square km. It has already carried out seis- drilled at the block – 6-2, drilled 16 km to the
mic work at the Namibian block and has also south – also contained a working conventional
drilled two exploration wells there. petroleum system. ™

PROJECTS & COMPANIES
BP and Eni complete formation of Azule

Energy joint venture in Angola

ANGOLA BP (UK) and Eni (Italy) confirmed on August 2 well as the Italian company’s investments in the
that they had completed the process of establish- Luanda oil refinery, they reported.
ing Azule Energy, a new joint venture that will The incorporation of the joint venture was
combine both companies’ upstream, LNG and completed after the two majors met all condi-
solar energy assets in Angola. tions for the transaction, the statement noted.
In a joint statement, BP and Eni noted that This included securing the relevant regulatory
Azule Energy’s portfolio would include equity approvals and $2.5bn in third-party pre-export
stakes in 16 Angolan oil and gas blocks, includ- financing, it explained.
ing six exploration blocks, that are believed to BP and Eni said they were confident that
contain around 2bn barrels of oil equivalent Azule Energy would see production rise over
(boe) in net resources. the next five years thanks to “a strong pipeline
The joint venture’s share of production from of new projects that are scheduled to come on
these sites is on track to rise to about 250,000 stream over the next few years, growing organ-
barrels of oil equivalent per day (boepd) within ically from exploration discoveries.” The joint
the next five years, they said. This will make it the venture’s exploration blocks cover a combined
country’s largest independent equity producer area of 30,000 square km in sections of Ango-
of oil and gas, they added. la’s offshore zone that are known to be rich in
Azule Energy will assume BP and Eni’s shares hydrocarbons, and they are close enough to
in Angola LNG, the operator of an onshore gas existing infrastructure facilities that opportuni-
liquefaction plant with a production capacity of ties for synergy are sure to arise, they said.
5.2mn tonnes per year (tpy). The joint venture In the meantime, they added, Azule Energy
will also take control of Eni’s stake in Solenova, will also help bring new assets such as the Agogo
a solar energy concern established with Ango- Full Field at Block 15/06 and Palas-Astrea-Juno
la’s national oil company (NOC) Sonangol, as (PAJ) projects at Block 31 on stream.

Azule will see equity production rise to 250,000 bpd in about five years (Image: BP/Eni)

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