July 25, 2024
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OIL & GAS RENEWABLE ENERGY Uncategorized

Azule Energy Aims for 14% Production Increase by 2026

Angola’s leading private oil and gas firm, Azule Energy, plans to boost production by approximately 14% to 250,000 barrels per day (bpd) by 2026, as stated by its CEO.

Azule Energy, formed as a joint venture between Eni and BP, intends to drill 16 exploration wells over the next four years, with a total investment of $7 billion until 2027.

CEO Adriano Mongini, told Reuters “By 2026 we expect to produce an average of 250,000 barrels of oil per day. The present production is around 220,000 barrels and most of (the) increased… production will be through operated projects that are ongoing now.”

The Agogo Integrated West Hub, focused on the Agogo and Ndungu fields with 500 million barrels of recoverable reserves, is central to this expansion. Additionally, the New Gas Consortium (NGC), involving Chevron, TotalEnergies, and BP, is set to enhance gas production, connecting it to Angola LNG’s terminal and potentially surpassing its current capacity of 1 billion scuf per day.

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