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FINWIRES

Eni to Invest in Angola Offshore Blocks With Partners

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Italy's Eni (E) has reached a positive investment decision through Azule Energy for the Greater PAJ offshore development in Angola, the company said on Monday.

The project in blocks 31 and 31/21 is operated by Azule and is jointly owned by Eni and BP (BP), with stakes also held by Equinor (EQNR) and Angola state-owned Sonangol E&P, it said in a statement.

The project is the first integrated cross-block development in Angola and represents a coordinated approach to developing hydrocarbon resources in two neighboring concessions.

It reinforces Angola's approach of efficient resource management, optimized infrastructure and sustained oil production, Eni said.

With the first oil due in less than three years, in H1 2029, the project will unite five offshore fields over the two blocks, Palas, Astraea, Juno, Urano and Dione.

The project will consist of 17 wells connected to a floating production, storage and offloading vessel, or FPSO, that has a nameplate capacity of 95,000 barrels per day and gas export capacity of 70 million standard cubic feet of gas per day.

This will be delivered to Angola LNG through a new gas export line tied to Block 31's existing network.

Price: $49.06, Change: $-0.34, Percent Change: -0.70%

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