bp, Eni, and TotalEnergies Announce Multi-Billion Dollar Investment Commitments in Angola at AOG 2025
Oil and gas companies bp, Eni, and TotalEnergies announced multi-billion dollar investment commitments for projects in Angola during the opening ceremony of AOG 2025, held this Wednesday in Luanda. The event takes place under the banner of celebrating Angola’s 50 years of independence, serving as an opportunity for reflection and for reinforcing the commitment to the growth of the national hydrocarbon economy.
Eni announced plans for Azule Energy – the joint venture between Eni and bp – to invest $5 billion in the Angolan market in the coming years, while TotalEnergies revealed plans to invest $3 billion through the Dalia Life Extension project. These commitments come at a time when the country is strengthening its fiscal policy to support production growth.
“Since its creation, Azule Energy has already invested over $5 billion in Angola, and in the coming years, we plan to invest another $5 billion,” stated Claudio Descalzi, CEO of Eni.
Both Eni and bp have played a decisive role in consolidating Angola as one of Africa’s largest oil and gas producers over the last 50 years, with offshore projects spanning deepwater exploration, production, and onshore infrastructure. Now, through Azule Energy, the companies are shaping the next 50 years of development, focusing on increasing production and enhancing local content.
“We are moving forward with the New Gas Consortium project, which includes the Q & M fields and represents the country’s first non-associated gas project. Furthermore, Azule’s recent gas discovery will provide even more resources for Angola’s growth and prosperity, as well as for economic diversification through gas utilization. As we look to the next 50 years, Eni is proud to continue this journey alongside Angola,” added Descalzi.
The year 2025 has been significant for Azule Energy, which in July announced the start of production at the Agogo Integrated West Hub Development project. This project, involving the full development of two fields, has a production capacity of 175,000 barrels per day.
“Five weeks ago, we recorded first oil from the Agogo FPSO. It was a complex project – state-of-the-art and fully electrified. Azule moved 30,000 tonnes of equipment for the unit. Despite this complexity, the team managed to start production almost a year ahead of schedule. At peak, we expect to reach a production of 175,000 barrels per day, helping Angola maintain its target of one million barrels per day. Azule is a company that seeks to make a lasting contribution to Angolan society,” stated Murray Auchincloss, CEO of bp.
As one of the country’s largest producers, TotalEnergies continues to strengthen Angolan production through major offshore projects. In 2025, the company brought two flagship projects into operation, adding 60,000 barrels per day to the market. Located in Blocks 17 and 17/06 respectively, the CLOV Phase 3 and the Begonia field were developed in close collaboration with key industry partners. Begonia is also the first inter-block development in Angola.
“This year has been special for us. We achieved significant milestones, such as the start of production at Begonia and CLOV Phase 3 – which added 60,000 barrels per day. We began construction on the Kaminho FPSO, which opens a new basin in Angola. This is a $6 billion investment. We also sanctioned the Dalia Life Extension project – part of the Incremental Production Initiative. We have committed approximately $3 billion to that development,” stated Mike Sangster, Senior Vice President for Africa at TotalEnergies.
These multi-billion dollar commitments demonstrate that the majors are in Angola to stay, confirming the attractiveness and flexibility of the country’s investment climate. From multi-year licensing rounds to blocks available through direct negotiation, including marginal fields and incremental production projects, Angola has positioned itself as a competitive oil and gas market.
“In recent years, Angola has focused on reforms, reforms that have transformed the economy and the people. A people driving the next generation and the next 50 years. As we build the future, we reflect on what these reforms mean for the coming decades. We cannot stop advancing oil as the engine of the country’s future. We will drill, we will drill,” stated an enthusiastic NJ Ayuk, Executive Chairman of the African Energy Chamber.
