June 22, 2026 [Reuters]- Azule Energy, a joint venture between BP and Eni, ‌and its partners have approved the $5.1 billion Greater PAJ offshore oil project in Angola, company and government officials said at a signing ceremony on Monday.

Partners in the project, Angola’s first integrated cross-block ​development, include Norway’s Equinor, Angola’s oil and gas agency ANPG and state-owned ​firm Sonangol. The development is operated by Azule.

The investment marks the ⁠latest expansion by Azule, Angola’s largest independent oil and gas producer, following the recent start-up ​of its Agogo floating production, storage and offloading vessel (FPSO) and the New Gas Consortium ​project.

The deepwater Greater PAJ development in the Lower Congo Basin will use a new FPSO and tie together existing production in Block 31 with nearby discoveries in Block 31/21.

Total oil reserves in both ​blocks associated with the development are estimated at 252 million barrels, with first ​oil expected in the first half of 2029, a press statement celebrating the FID said.

ANGOLA PUSHING TO ‌MAINTAIN ⁠CRUDE OUTPUT

Azule, the operator of both blocks, signed a production-sharing agreement for Block 31/21 in 2023 and holds a 50% stake alongside Equinor.

“Greater PAJ will contribute to sustaining production, creating value for the country and reinforcing Angola’s position as a key energy ​supplier in the years ​ahead,” Joseph Murphy, ⁠CEO of Azule Energy, said in a statement.

A major African oil producer, Angola has overhauled its regulatory regime to attract new ​investment into its mature and marginal fields as it tries to ​maintain crude oil ⁠output of 1 million barrels a day.

In September, Eni’s chief operating officer told Reuters that Azule planned to invest another $5 billion into Angola’s oil and gas sector over the next ⁠few ​years.

Contracts with various specialised engineering and technology companies selected ​for the energy project were also signed on Monday, including with Baker Hughes, Saipem and TechnipFMC.