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    BP.   GB0007980591

BP PLC

(BP.)
  Report
Delayed London Stock Exchange  -  11:35 2022-12-06 am EST
474.65 GBX   -1.83%
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Azule Energy to Participate at Angola Oil and Gas (AOG) 2022 as Platinum Sponsor

09/30/2022 | 11:11am EST

LUANDA, Angola -- Azule Energy (https://bit.ly/3dUKXHX), a new 50/50 independent joint venture that combines the Angolan business assets of oil and gas supermajors, bp and Eni, will participate as Platinum Sponsors at this year's Angola Oil & Gas (AOG) 2022 (https://bit.ly/3UyBCpP) Conference and Exhibition - organized by Energy Capital & Power (www.EnergyCapitalPower.com) - taking place in Luanda on November 29 - 1 December.

The joint venture will hold a participating interest in the Angola Liquefied Natural Gas JV, one of the largest energy projects in Africa, while taking over Eni's share in renewable energy project developer, Solenova, which the supermajor jointly held with Angolan parastatal, Sonangol.

"The participation of Azule Energy, Angola's largest independent oil and gas producer, as Platinum Sponsors at this year's edition of AOG exemplifies the scope and magnitude of the event, which clearly represents a fundamental opportunity for the growth and development of Angola's energy industry," states Miguel Artacho, Energy Capital & Power International Conference Director.

Azule Energy has a strong pipeline of upcoming projects (https://bit.ly/3riiYF5) that includes production of the Agogo Oil Field Development in Block 15/06, offshore Angola; the ultra-deepwater PAJ Complex Conventional Oil Field in Block 31; as well as the country's first non-associated gas project, the New Gas Consortium.

With an exploration acreage exceeding 30,000km2, Azule Energy will draw from the expertise and experience from a leadership team that will report to a six-person board comprising six representatives from BP and Eni.

Having received regulatory approvals from the Angolan Government and having secured third-party financing amounting to $2.5 billion in the form of pre-export financing, the agreement to form the JV was signed by the international oil companies in mid-March 2022, with the Memorandum of Understanding having been signed in May 2021.

Bp and Eni (https://bit.ly/3SHjRCQ) have expressed anticipation that Azule Energy will unlock significant cost savings, which will be derived primarily from operational synergies in logistics and technology, with the JV expected to create the potential for increased investment, job development, and socioeconomic growth in Angola.

Returning for its third edition to Luanda, and under the auspices of Angola's Minister of Mineral Resources, Oil and Gas, H.E. Diamantino Pedro Azevedo, and in partnership with the country's national concessionaire, the National Oil, Gas and Biofuels Agency, AIDAC, and the African Energy Chamber (https://bit.ly/3Q34QcU), AOG 2022 is the premier platform to address the most pressing matters in the country's energy market as its strives to utilize its natural resources to promote socio economic development, achieve fuel independency, and facilitate large scale investments while addressing the narrative of a just energy transition.

Distributed by APO Group on behalf of Energy Capital & Power.

.

(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2022 228 B - -
Net income 2022 -7 592 M - -
Net Debt 2022 26 504 M - -
P/E ratio 2022 -15,0x
Yield 2022 3,94%
Capitalization 106 B 107 B -
EV / Sales 2022 0,58x
EV / Sales 2023 0,61x
Nbr of Employees 65 900
Free-Float 94,4%
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Last Close Price 5,90 $
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Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
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