The BP and Eni joint venture, Azule Energy, is selling its stakes in two legacy offshore Angolan oil assets to a consortium of BW Energy and Maurel & Prom for approximately $310 million.
Azule Energy, the 50/50 independent joint venture company formed by BP and Eni in 2022 to combine their Angolan businesses.
The buyer is consortium where Norway’s BW Energy and France’s Maurel & Prom each acquire 10% in Block 14 and 5% in Block 14K.
Non-operating interests in the mature deepwater Block 14 and the cross-border Block 14K in the Lower Congo Basin, which are both operated by Chevron.
The combined net production from these stakes was approximately 9,600 barrels of oil per day (bpd) in 2024.
The divestment aligns with Azule Energy’s strategy to concentrate efforts and investment on its core assets in Angola, such as the Agogo project in Block 15/06 and new gas exploration projects.
The deal is subject to approval by Angolan authorities and is expected to close by mid-2026.
This transaction allows BW Energy and Maurel & Prom to expand their presence in Angola’s mature basin, leveraging existing infrastructure. Azule Energy remains a significant player in the region and plans to invest a further $5 billion in its remaining Angolan operations over the next few years.
Note by Alessandro Bazzoni