Luanda: The oil company Azule Energy and its partners announced on Monday in Luanda the Final Investment Decision (FID) for the 'Greater Paj' oil project, to be implemented in blocks 31 and 31/21, located in the Lower Congo Basin, with a view to increasing tax revenues and macroeconomic stability in Angola. This is a project budgeted at US$5.1 billion and has Sonangol and Equinor as partners.
According to Angola Press News Agency, Angolan Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, stated that the project is scheduled to start in 2029, with the prospect of producing around 95,000 barrels of oil per day. He assured that the integrated project will contribute to achieving one of the sector's main objectives, which is to mitigate natural decline and guarantee sustainable levels of oil production in the medium and long term.
The government official added that the Greater Paj project foresees the construction, assembly, and operation of its infrastructure, representing a concrete opportunity for job creation, training, and the enhancement of Angolan human capital. On the other hand, he stated, national companies will have new opportunities to participate in the oil sector's value chain.
Diamantino Azevedo also said that the initiative reflects the continued confidence of international investors in Angola's oil potential, as well as the effectiveness of the reforms carried out by the Executive, aimed at improving the business environment. According to the minister, the project constitutes an innovative approach that prioritizes the efficient management of oil resources, based on the optimization of infrastructure and the rationalization of costs. It is a model that reinforces efficiency, maximizes the value of assets, and demonstrates the sector's capacity to find increasingly competitive and sustainable solutions.
The official highlighted that it could encourage the development of other fields with marginal reserves, in conjunction with Presidential Legislative Decree No. 6/18, which regulates the development of marginal fields nationwide. "This vision of the Angolan Government ensures that oil resources generate internal added value, promote the empowerment of citizens, and effectively contribute to sustainable economic and social development," he stated.
He reaffirmed the Government's commitment to continue supporting investors, promoting a stable, predictable, and attractive regulatory framework, and encouraging the continuity and expansion of investments in the country. Thus, he continued, Angola remains open to private investment, committed to building lasting, mutually beneficial relationships, and maintaining itself as a credible and reliable partner in the international energy landscape.
In turn, the president of the Angolan concessionaire, the National Agency for Petroleum, Gas and Biofuels (ANPG), Paulino Jer³nimo, said that the project represents an extraordinary opportunity to accelerate the local content agenda in Angola. The Greater Paj presentation ceremony was marked by the signing of six main contracts between Azule Energy and service providers in the oil sector.
Azule Energy is an independent and integrated international energy company, established as the largest oil and gas producer in Angola. The operator was created in August 2022, from a 50/50 joint venture between the multinationals BP (British) and Eni (Italian), which combined their operations and assets in the African country.
