Cape Town — Angolan private oil and gas company Azule Energy, a partnership between Eni (ENI.MI) and BP (BP.L), plans to increase production to 250,000 barrels per day (bpd) by 2026 from 220,000 bpd now, its chief executive said on Thursday.
The 50/50 joint venture was formed last year when Eni and BP consolidated their Angolan assets to form the country’s largest independent energy company.
Azule Energy plans to drill 16 exploration wells over the next four years, including its first gas-specific exploration well in 2024, CEO Adriano Mongini told Reuters in an interview, with the combined capex for exploration and production at $7 billion until 2027.
“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,” he said.
*Wendell Roelf; Tannur Anders & Bhargav Acharya; editing: Alexander Winning – Reuters
This article was originally posted at sweetcrudereports.com
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