Angola Strikes Oil and Gas Gold with Historic Discovery Worth $150 Billion
Angola has achieved a breakthrough in energy diversification with its first major dedicated gas discovery, potentially anchoring a $150 billion economic strategy. Azule Energy, a joint venture between BP and Eni, successfully drilled the Gajajeira-01 well in the Lower Congo Basin, revealing reserves of more than 1 trillion cubic feet of natural gas and up to 100 million barrels of condensates.
“This is a historic moment for gas exploration in Angola,” declared Adriano Mongini, CEO of Azule Energy. The discovery marks the country’s first natural gas exploration since exiting OPEC in 2023 and launching its ambitious National Gas Master Plan.
The gas find is expected to enhance Angola’s long-term energy security and export potential, with projections suggesting the country could earn $2-3 billion in annual LNG revenues by the late 2030s. Angola has already secured over $60 billion in financial commitments from international financiers over the next five years, demonstrating growing confidence in the country’s energy transformation.
The discovery comes as Angola seeks to reduce its reliance on volatile oil markets, with crude oil export revenue dropping 18% to $6.4 billion in the first quarter of 2025.
Source: Oilprice.com / energynews.pro
