According to a statement sent to VerAngola, the agreement – which results from the 2021/2022 limited offshore bidding round – "represents a significant advance for exploration activities in the Lower Congo Basin".
The block, to be operated by Azule Energy (50 percent stake), "occupies an area of approximately 4500 square kilometers in the deep waters of the basin". It is located "170 kilometers from the coast and has a total of 12 discoveries, in addition to remaining exploration potential in an area with existing infrastructure of Block 31 PSVM", adds the note.
The contract, the statement said, covers the drilling of a research well "during the initial exploration period", lasting five years.
Azule Energy considers that the agreement now signed symbolizes "an important milestone", as block 31/21 "is the first exploration block in which the company has been involved since the establishment of the Joint Venture between BP and ENI", in August last year.
Adriano Mongini, CEO of Azule Energy, quoted in the statement, considered that the signing of the contract "expands the position" of the company. "The signing of the PSA for block 31/21 expands Azule's position, in this well-known and proven oil system, where we have already achieved great success in exploration and discovered large accumulations of oil in adjacent blocks", said Adriano Mongini.
"We are very proud to reinforce our position as Angola's strategic partner and as the largest independent oil and gas producer," he added.
According to the note, the aforementioned contract is seen as "a positive development for the energy sector in Angola", demonstrating "the commitment of ANPG and Azule Energy to advancing exploration activities in the region".
It should be noted that, just this Wednesday, ANPG also signed a production sharing contract for block 16/21 with TotalEnergies.