Angola: Azule Energy, Equinor Sign PSA for Block 31/21

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Azule Energy – an incorporated Joint Venture between oil and gas supermajors Eni and bp – and international energy company Equinor have signed a Production Sharing Agreement (PSA) with Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG) for Block 31/21, offshore Angola.

Announced by Azule Energy on 31 August, the contract is a result of the southern African country’s 2021/2022 Limited Offshore Licensing Round.

The PSA will involve drilling one exploration well during the initial five-year exploration period.

“The signature of the PSA for Block 31/21 expands Azule’s operatorship position in this proven and well-known petroleum system where Azule Energy had great exploration success and discovered major oil accumulations in adjacent blocks,” stated Azule Energy CEO Adriano Mongini, adding, “Azule Energy is very proud to reinforce its position as a strategic partner of Angola and as the largest independent equity producer of oil and gas in the country.”

Situated approximately 170km from Angola’s coastline in the Lower Congo Basin, Block 31/21 encompasses an area of roughly 4,500km2 and boasts 12 discoveries near existing infrastructure.

Under the PSA, Block 21/31 will be operated by Azule Energy with a 50% participating interest.

Source : Energy Capital & Power