Azule, a consortium between the British BP and the Italian Eni, held a 12 percent stake in Block 3/05 and 16 percent in Block 3/05A, located in the Lower Congo Basin, which will now be in the hands of Afentra, a UK-based energy company.
The purchase and sale agreement provides for a consideration of 48.5 million dollars and conditioned and deferred payments worth up to 36 million dollars, aligned with the price of oil, production limits and development conditions, according to a statement from Azule.
The agreement was signed on July 18, 2023 and concluded after the transaction was approved by the Ministry of Mineral Resources, Oil and Gas.
Azule holds interests in 20 licenses in Angola, ten of which are blocks in the exploration phase, a stake in Angola LNG and is the operator of the New Gas Consortium, being the largest independent oil and gas producer in Angola.
It holds estimated reserves of two billion barrels of oil equivalent of liquid resources and plans to increase net production from 220,000 to around 250,000 barrels of oil equivalent per day over the next four years.
The barrel of oil equivalent is a measure of the volume of gas converted to barrels of oil that allows expressing the amount of energy contained in oil and gas reservoirs.
The company also holds 50 percent of the shares in Solenova, a solar company owned jointly with Sonangol, and a collaboration with the Luanda Refinery.
