Azule Energy, an Angola-based oil and gas producer jointly owned by BP and Eni, and its partners have approved the Greater PAJ offshore development in Angola with an investment of US$5.1bn (€4.4bn). The project is expected to support crude production from the Lower Congo Basin and deliver first oil during the first half of 2029.

Reuters reported that the final investment decision was announced during a signing ceremony in Luanda on 22 June. The Greater PAJ project is described as Angola's first integrated cross-block development and will be operated by Azule Energy.

Partners in the development include Norway's Equinor, Angola's National Oil, Gas and Biofuels Agency (ANPG) and state-owned Sonangol. Azule Energy is the operator of both participating blocks and signed a production-sharing agreement for Block 31/21 in 2023, where it holds a 50% interest alongside Equinor.

The deepwater project will connect existing production in Block 31 with discoveries in neighbouring Block 31/21 using a new floating production, storage and offloading vessel. Total reserves associated with the two blocks are estimated at 252 million barrels of oil.

The approval represents the latest expansion by Azule Energy following the start-up of its Agogo floating production, storage and offloading vessel and the New Gas Consortium project. Angola has introduced regulatory changes in recent years to attract investment into mature and marginal fields while seeking to maintain crude output at 1 million barrels per day.

Joseph Murphy, chief executive officer of Azule Energy, said: "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."

Contracts with engineering and technology providers were also signed for the project, including agreements with Baker Hughes, Saipem and TechnipFMC. In September 2025, Eni's chief operating officer told Reuters that Azule planned to invest an additional US$5bn (€4.3bn) in Angola's oil and gas sector over the coming years.

Access further information on the Greater PAJ development through the full report.