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Angola has approved a $5.1 billion investment in the Greater PAJ offshore oil project, led by Azule Energy and its partners. The project is one of the country’s largest energy commitments in recent years and comes as Luanda works to sustain crude output.
The development will unlock 252 million barrels of recoverable reserves across offshore Blocks 31 and 31/21. First production is expected in the first half of 2029, with output projected to reach up to 95,000 barrels of oil per day.
Greater PAJ is Angola’s first integrated cross-block oil development. It will combine five offshore fields: Palas, Astraea and Juno in Block 31, and Urano and Dione in Block 31/21 using shared infrastructure to reduce costs and improve efficiency.
The project will rely on a new floating production, storage and offloading vessel, along with 17 wells, including 10 oil producers and seven water injectors. Azule Energy said the development is designed to extend the life of Angola’s offshore industry while supporting production growth.
Azule Energy, a joint venture between BP and Eni, is developing the project with Equinor, Sonangol E&P and Angola’s National Agency for Oil, Gas and Biofuels. The company currently produces about 220,000 barrels of oil equivalent per day and accounts for roughly 20% of Angola’s oil output.
The approval follows years of reforms in Angola’s upstream sector, including revised licensing terms and incentives for investment in mature assets. Authorities are targeting production of about 1 million barrels per day after output fell from peaks above 1.8 million barrels per day more than a decade ago.
Azule said the project would generate about 1.8 million man-hours of local content work through fabrication, engineering, logistics, training and offshore installation. The final investment decision also included six contracts covering the FPSO, subsea systems, risers, flowlines, rigid pipes and installation works.
The investment is among Angola’s biggest upstream commitments since its exit from OPEC in late 2023. It reinforces expectations that international oil companies will continue backing offshore African energy projects despite pressure to speed up the global energy transition.
