Angola’s hopes of keeping oil flowing and jobs secure got a boost on Wednesday as Azule Energy, the joint venture of BP and Italy’s Eni, confirmed plans to pour $5 billion into new and existing projects over the next five years.
The announcement doubles down on Azule’s previous spending since its launch three years ago, underscoring Angola’s position as the second-largest oil producer in Sub-Saharan Africa. The government is betting on regulatory reforms to keep production above 1 million barrels per day.
“We have in the next four to five years 18 wells to be drilled, two-thirds operated by Azule and one-third by others,” Eni’s Chief Operating Officer Guido Brusco said on the sidelines of an energy conference. “This is a very strong commitment to Angola.”
Analysts say the $5 billion pledge could protect thousands of jobs and strengthen Angola’s economy at a time when declining reserves threaten future revenues. The news also reassures European buyers, who remain reliant on African oil and gas to diversify away from Russia.
Beyond Angola, Eni is pressing ahead with Coral Norte, Mozambique’s second floating LNG platform, expected to deliver 3.5 million metric tons annually for 30 years once operational.
“We are still waiting for one partner’s approval,” Brusco said. “But we have government approval, we have financial institutions, the loan is there, ready. The project is technically and financially strong.”
Mozambique’s LNG projects are seen as a lifeline for Europe’s energy security. Most of the country’s current output from Coral South, launched in 2022, flows to Europe. The Coral Norte platform would double LNG supply from the Rovuma Basin, while French oil major TotalEnergies prepares to restart its delayed onshore project.
If realised, these projects could shift the balance of energy flows across Africa and beyond, making Angola and Mozambique pivotal suppliers to global markets.
