(MENAFN- African Press Organization)
International energy company Azule Energy – Angola's largest independent equity producer of oil and gas – is developing the world's first FPSO vessel that features carbon capture and storage (CCS) capabilities. The Agogo FPSO falls part of the broader Agogo Integrated West Hub Development in Block 15/06 and is expected to set a benchmark for sustainable oil and gas development across the region. Azule Energy's CEO Adriano Mongini has joined the African Energy Week (AEW): Invest in African Energy 2024 conference as a speaker. During the event, Mongini is expected to provide insight into the company's project pipeline, innovative infrastructure solutions and plans for expanding its presence regionally.
Azule Energy has set a target to increase production to 250,000 barrels per day (bpd) within the 2023-2026 period, leveraging new exploration campaigns as well as the development of large-scale projects to achieve this goal. The company signed Risk Service Contracts in December 2023 for Blocks 46, 47 and 18/15 – situated in the Lower Congo basin -, representing a step towards advancing deepwater oil and gas developments in Angola. Mongini will outline the company's exploration plans at AEW: Invest in African Energy 2024, drawing insight into asset acquisition and future investments.
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With two billion barrels equivalent of net resources, stakes in 20 licenses and participation in the Angola LNG joint venture – operator of the Angola LNG plant - Azule Energy is both a strategic partner and competitive producer in Angola. One of the company's largest developments is the Agogo Integrated West Hub development in Block 15/06, which is on track for production by 2026. The company aims to create a new production hub at the project, adding the Agogo FPSO vessel – currently under construction – to the block. With a capacity of 120,000 bpd and a gas injection capacity of 230 million cubic feet per day, the Agogo FPSO will join the active Ngoma FPSO to produce hydrocarbons from the Agogo and Ndungu fields. FID for the project was achieved in 2023.
Azule Energy is also the operator of the Cabinda Norte and Cabinda Centro blocks - situated onshore – and offshore Blocks 31, 15/06, 1/14, 18 and 28. Four FPSO vessels are also in operation with a capacity of 1.75 million bpd each. Meanwhile, Azule Energy is taking its expertise to regional markets. The company signed a farm-in agreement in May 2024 with exploration company Rhino Resources Namibia, securing a 42.5% interest in Block 2914A. Situated in PEL 85 in the Orange Basin, the asset is considered strategic given its close proximity to billion-barrel discoveries made in the basin since 2022. The agreement also represents the first international transaction by Azule Energy, reflecting its drive to develop oil and gas across the broader African continent.
On the natural gas side, Azule Energy is driving gas monetization efforts in Angola through its operatorship of the New Gas Consortium (NGC). The NGC is developing the country's first non-associated gas project – the Quiluma and Maboqueiro fields – which will provide feedstock for the Angola LNG facility. Situated in the Northern Gas Complex in Angola, the fields will produce four billion cubic meters of gas per annum using two offshore platforms. The consortium made FID on the fields in 2022, with production expected to begin in 2026. Beyond the fields, Azule Energy is assessing future tie-ins to Blocks 2, 3 and 15/14, thereby ensuring the Angola LNG project has a steady supply of natural gas.
Beyond upstream projects, Azule Energy signed an agreement with Angola's national oil company Sonangol in July 2024 to enhance decarbonization at the Luanda Refinery – Angola's sole operating refining faacility. The parties agreed to assess the feasibility of constructing a biorefinery at the plant, with both Azule Energy and Sonangol providing technical and operational support. The refinery underwent an expansion in 2022, with the partners commissioning a new petrol production complex. The addition increased output from 395,000 liters per day to 1.5 million liters per day, aligning with Angola's goal of becoming a regional hub for petroleum.
“Africa requires innovative, diversified oil and gas solutions in order to achieve energy security and drive industrialization. Companies like Azule Energy are making great strides in area by developing pioneering FPSO infrastructure and prioritizing production growth. The development of projects such as the Agogo Integrated West Hub development and the Quiluma and Maboqueiro fields will play a central part in increasing production in Angola,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.
Distributed by APO Group on behalf of African Energy Chamber.
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