Azule Energy has approved the $5.1 billion Greater PAJ offshore oil project in Angola, marking another major investment in the country’s offshore energy sector.
The deepwater development, operated by Azule Energy, will connect existing production with nearby discoveries in the Lower Congo Basin using a new floating production, storage and offloading (FPSO) vessel. Total recoverable reserves are estimated at 252 million barrels, with first oil expected in the first half of 2029.
The project supports Angola’s strategy to maintain crude oil production while attracting new investment into its offshore industry. Officials say the development will strengthen the country’s position as a leading energy supplier and create long-term value for the national economy.
