Strategic Consolidation in Angola – Greater PAJ Project FID

Summary

Azule Energy sanctioned the Final Investment Decision (FID) for the Greater PAJ project marking a significant milestone in the evolution of Angola's offshore upstream sector. The development represents Angola's first fully integrated cross-block project, combining five offshore discoveries (Palas, Astraea, and Juno in Block 31; Urano and Dione in Block 31/21) under a single development framework. A new-build FPSO with 95,000 bopd oil and 70 MMscfd gas capacity will gather production from 17 subsea wells and route associated gas to the Angola LNG plant via the existing Block 31 export network. First oil is targeted for H1 2029.
The deal structure sharing a single host facility and export corridor across two separately licensed concessions is a structural first for Angola's upstream sector and signals a maturing, capital-disciplined phase of offshore development as legacy single-field hubs approach plateau or decline.