According to an oil note, the agreement signed between the two companies indicates that the transaction includes a deferred contingent payment in the amount of up to 36 million dollars.
The completion of the transaction, which is expected to be completed by the end of 2023, is still subject to legal issues and approvals by the Angolan authorities, stresses the document.
"The disposal of Azule Energy's non-operated interests in these shallow water blocks is in line with the company's strategic focus on essential assets in Angola," the note stresses.
According to the CEO of Azule Energy, Adriano Mongini, quoted in the note, this transaction represents a step consistent with the oil company's strategy of concentrating its efforts on its essential assets in Angola, while reducing its carbon footprint.
The oil company, an independent joint venture officially established in August 2022, and which combines BP's and Eni's businesses in Angola on an equitable basis, "remains committed to its vision of growth and long-term sustainable development in Angola's energy sector".
"As the company concludes this sale, it will remain committed to seeking opportunities that are in line with its strategic objectives, while contributing to Angola's social and economic progress", underlines the document.
Azule Energy is Angola's largest independent oil and gas producer, holding two billion barrels of oil equivalent in liquid resources and is expected to increase to around 250,000 barrels of oil equivalent per day of its own production over the next five years.
The joint venture has interests in 20 licenses, of which six are exploration blocks, a stake in Angola LNG and is the operator of the new gas consortium.
Azule Energy also took over Eni's stake in Solenova, a solar company owned jointly with Sonangol, the Angolan state oil company, and collaboration in the Luanda Refinery.