Azule Energy to boost Angola oil sector with $5 billion investment

At a Glance

• Azule Energy commits $5 billion to revitalize Angola’s oil and gas production.
• Angola’s regulatory overhaul aims to sustain output above 1 million barrels daily.
• Eni advances Mozambique LNG expansion with Coral Norte FLNG approval.

Azule Energy, the joint venture between Eni and BP, has announced a $5 billion investment plan over the next four to five years—the equivalent of its total outlay since launching in 2022, aimed at revitalizing Angola’s oil and gas production.

The commitment, revealed by Eni’s Chief Operating Officer Guido Brusco in a recent interview, will fund both legacy offshore fields and greenfield developments, marking a major boost for the country’s energy sector.

Regulatory reform meets offshore development push

Angola, Sub-Saharan Africa’s second-largest oil producer, has dramatically overhauled its regulatory framework to attract fresh energy investment and sustain crude production above 1 million barrels per day (bpd).

 As part of the campaign to offset declining output, Azule plans to drill 18 new wells, with approximately two-thirds operated by the JV and the remainder by third-party operators

Expanding into LNG: Mozambique’s coral North in focus

Simultaneously, Eni is advancing its Liquefied Natural Gas (LNG) ambitions in Mozambique. Following Coral South’s success in 2022, the government approved the development plan for the second floating facility, Coral Norte FLNG, in April.

The platform is primed to deliver 3.5 million tonnes of LNG annually for 30 years, effectively doubling Mozambique’s capacity from the Rovuma Basin.

Final investment decisions hinge on one remaining partner’s green light, though financial and technical support is already secured. Brusco expressed confidence, stating, “We do not foresee problems, and before the year-end you will hear something.”

Azule continues to solidify its role as a leading upstream player, operating across 18 licensed blocks. Its growing gas portfolio aligns with Angola’s ambitions to become a strategic global LNG exporter, while early renewable developments—such as solar projects—underscore a gradual shift toward energy diversification.