Partners in a major Angola offshore oil project have formally approved a $5.1 billion deepwater development during an official signing ceremony. The Greater PAJ initiative represents Angola’s first integrated cross-block development and brings together several key international and regional players in the energy sector.
The Angola offshore oil project is being led by Azule Energy, a joint venture between BP and Eni, which serves as the operator. Additional partners include Norway’s Equinor, Angola’s national oil and gas agency ANPG, and the state-owned entity Sonangol.
Project Scope and Technical Details
The Greater PAJ development represents the latest expansion by Azule Energy, currently Angola’s largest independent oil and gas producer. The offshore oil development is located in the Lower Congo Basin and will integrate production from Block 31 with nearby discoveries in Block 31/21. The combined area contains estimated oil reserves of 252 million barrels, positioning it as a substantial addition to Angola’s production capacity. The deepwater infrastructure will feature a new floating production, storage and offloading vessel (FPSO).
Production Timeline and Economic Impact
The project is expected to begin producing crude oil in the first half of 2029, providing a clear development timeline for stakeholders and investors. Joseph Murphy, Chief Executive Officer of Azule Energy, said, “Greater PAJ will contribute to sustaining production, creating value for the country and reinforcing Angola’s position as a key energy supplier in the years ahead.”
Angola’s Strategic Energy Position
Angola maintains its status as a major African crude oil producer and has undertaken substantial reforms to its regulatory framework to attract fresh investment. The country has focused particularly on attracting development in mature and marginal fields as it works to maintain daily crude oil production at approximately one million barrels.
Engineering and Technology Partnerships
Other contracts supporting the Angola offshore oil project implementation were formalized during the signing ceremony, with several specialized engineering and technology firms selected for the work. These include Baker Hughes, Saipem, and TechnipFMC.
