Angolan joint venture Azule Energy starts operations

As Riviera Maritime Media reported last week, the Eni-led New Gas Consortium (NGC), reached final investment decision (FID) for the Quiluma and Maboqueiro (Q&M) gas project, Angola’s first non-associated gas project which is expected to start producing from 2026.
Eni reported that Azule Energy has secured third-party funding of US$2.5Bn in the form of pre-export financing. The JV’s leadership team will report to a six-person board split equally between BP and Eni.
Adriano Mongini, an Eni executive who previously served as executive VP and Director, in the East Africa Region will assume the position of CEO of the new company.

Commenting on his appointment, Mr Mongini said “I feel honoured to be the first CEO of the company. Together with a highly competent and motivated leadership team we are committed to develop the full potential of the company portfolio of development and exploration opportunities. With finance discipline and focus on HSE, Azule Energy will maximize the value of the assets for the benefit of Angola and the of the shareholders”

BP’s CEO Bernard Looney said the venture “will continue to safely and efficiently develop Angola’s resilient hydrocarbon resources and pursue new opportunities in oil and gas and other energies. Azule Energy continues our commitment to Angola and will create real value for both the companies and the country.”
His counterpart at Eni Claudio Descalzi added “This is an important milestone for Eni, marking a step forward in Eni’s strategy of enhancing all our best assets. A new, strong entity is born, which combines our experience, skills and technologies with those of our partner BP, putting them at the service of the development of Angolan energy resources, with a priority commitment to environmental protection and the growth of local economy.”

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