Eni and BP's joint venture to invest another $5bn in Angola

Image credit: Ulises Castillo on Pexels

The latest investment in both new and existing projects will match investments in oil and gas projects since the joint venture launched three years ago in sub-Saharan Africa's number two oil producer.

Angola has overhauled its regulatory regime, wooing new investments as the former OPEC member looks to maintain oil production above one million barrels a day.

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"We have in the next four to five years 18 wells to be drilled, on which two-thirds are operated by Azule and one-third operated by others," Brusco said on the sidelines of an oil and gas conference.

He said Eni, which became the first liquefied natural gas (LNG) exporter from Mozambique in 2022 with its Coral South floating platform, was also progressing with its second platform there.

Mozambique's government in April approved the development plan for Eni's Coral Norte (North) floating LNG platform, paving the way for a final investment decision.

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Once operational, the country's second floating platform will produce 3.5 million metric tonnes of LNG each year for 30 years, doubling existing LNG production from the offshore Rovuma Basin.

"We are still waiting for one partner approval, but we have government approval, we have the financial institutions, the loan is there, ready, the project is technically and financially strong," Brusco said about Coral North FLNG.

"We do not foresee problems, and before the year-end, you will hear something."

Most of the current output is destined for the European market, as the Southern African nation also looks to start TotalEnergies' long-delayed LNG project on land soon.