Finance
Azule Energy to invest $5 billion over next five years in Angola
Published by Global Banking and Finance Review
Posted on September 3, 2025
2 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 3, 2025
2 min readLast updated: January 22, 2026
Azule Energy plans to invest $5 billion in Angola's oil sector over five years, aiming to boost production and projects. Eni also progresses with LNG projects in Mozambique.
LUANDA (Reuters) -Azule Energy, the joint venture between Italian oil and gas explorer Eni and BP, expects to invest another $5 billion in Angola over the next four to five years, Eni's Chief Operating Officer Guido Brusco told Reuters on Wednesday.
The latest investment in both new and existing projects will match investments in oil and gas projects since the joint venture launched three years ago in Sub-Saharan Africa's No.2 oil producer.
Angola has overhauled its regulatory regime, wooing new investments as the former OPEC member looks to maintain oil production above 1 million barrels a day.
"We have in the next four to five years 18 wells to be drilled on which two-thirds are operated by Azule and one-third operated by others," Brusco said on the sidelines of an oil and gas conference.
He said Eni, which became the first liquefied natural gas (LNG) exporter from Mozambique in 2022 with its Coral South floating platform, was also progressing with its second platform there.
Mozambique's government in April approved the development plan for Eni's Coral Norte (North) floating LNG platform, paving the way for a final investment decision.
Once operational, the country's second floating platform will produce 3.5 million metric tons of LNG each year for 30 years, doubling existing LNG production from the offshore Rovuma Basin.
"We are still waiting for one partner approval, but we have government approval, we have the financial institutions, the loan is there, ready, the project is technically and financially strong," Brusco said about Coral North FLNG.
"We do not foresee problems, and before the year-end you will hear something."
Most of the current output is destined for the European market, as the Southern African nation also looks to start TotalEnergies' long-delayed LNG project on land soon.
(Reporting by Miguel Gomes; Writing by Wendell Roelf;Editing by Sfundo Parakozov, Jan Harvey and Tomasz Janowski)
LNG stands for liquefied natural gas, which is natural gas that has been cooled to a liquid state for ease of storage and transport.
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity.
Oil production refers to the process of extracting crude oil from the earth, which is then refined into various petroleum products.
Investment in the energy sector involves allocating capital to projects related to energy production, distribution, and technology.
Regulatory changes refer to modifications in laws or regulations that govern business operations, often impacting investment and operational strategies.
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