Azule Energy, the joint venture between BP and Eni, has given the final investment approval for the $5.1 billion Greater PAJ offshore oil project in Angola, marking one of the country’s largest energy investments in recent years, Reuters reported. The development is Angola’s first integrated cross-block offshore project and is expected to play a significant role in sustaining national oil production while attracting fresh investment into the sector.
The Greater PAJ project, located in the Lower Congo Basin, will combine production from Block 31 and nearby discoveries in Block 31/21 through a new floating production, storage and offloading vessel (FPSO). Azule Energy will operate the development alongside partners including Equinor, Angola’s National Oil, Gas and Biofuels Agency (ANPG), and state-owned oil company Sonangol. Total recoverable reserves associated with the project are estimated at approximately 252 million barrels of oil, with first production expected in the first half of 2029.
The investment builds on a series of recent milestones for Azule Energy, including the launch of the Agogo FPSO and the startup of Angola’s first non-associated gas project through the New Gas Consortium. The company has also outlined broader plans to invest billions of dollars in Angola’s energy sector over the coming years as the government pursues reforms designed to maintain crude production above one million barrels per day and extend the life of mature oil fields.
For Angola, the approval represents another major vote of confidence in the country’s energy sector at a time of increasing competition for global capital. Analysts say the Greater PAJ development could help secure future production, generate employment, support government revenues, and reinforce Angola’s position as one of Africa’s leading oil producers. As global energy demand continues to evolve, large-scale projects such as Greater PAJ remain central to the country’s strategy of balancing production growth with long-term energy sector development.
