Azule signs production sharing agreement for Angola block
Angola’s National Agency of Petroleum, Gas and Biofuels (ANPG) has signed a production sharing agreement with Azule Energy and Equinor for Block 31/21, Azule said on August 31.
Block 31/21, operated by Azule Energy with a 50% participating interest, covers an area of 4,500 km2 in the deep waters. Its location, just 170 km from the coastline, along with 12 existing discoveries and untapped exploration opportunities, positions it as a promising exploration area, Azule said.
The contract outlines plan for an exploration well during the initial five-year exploration period.
This agreement marks a significant milestone for Azule, making it the first exploration block the company has entered into since its joint venture with BP and ENI in August 2022.