BP Plans $5 Billion Investment to Boost Oil Production in Angola Through Peace Project
British energy giant BP is planning to invest approximately US$5 billion in Angola’s oil sector through the development of the “Peace Project,” a major initiative expected to increase the country’s oil production capacity.
The planned investment was one of the key topics discussed during a meeting between Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, and BP executives at the company’s headquarters in London.
According to a statement issued by Angola’s Ministry of Mineral Resources, Petroleum and Gas (MIREMPET), the discussions focused on ongoing investments in Angola, particularly the Peace Project, which is expected to contribute significantly to future oil production.
Strengthening Angola’s Oil Production Capacity
The Peace Project represents one of the largest planned investments in Angola’s energy sector in recent years and reflects continued international confidence in the country’s petroleum industry.
MIREMPET stated that the project is valued at approximately US$5 billion and is expected to support increased production levels as Angola seeks to maintain its position as one of Africa’s leading oil producers.
During the meeting, Minister Diamantino Azevedo emphasised the importance of maintaining strong relationships with major international energy companies operating in Angola.
“It is very important to maintain high-level contacts with the largest companies operating in the oil sector so that we can continue to demonstrate our consistency in terms of investment attraction policies for the country,” Azevedo said.
He added that Angola has continued to prioritise stability, innovation and legal certainty in order to remain competitive within the global energy industry.
Expanding Cooperation Between BP and Sonangol
In addition to the Peace Project, the discussions also explored opportunities to strengthen cooperation between BP and Angola’s state-owned oil company, Sonangol, particularly in the storage and distribution of petroleum products.
According to Azevedo, both sides examined the possibility of expanding collaboration beyond Angola to support petroleum distribution across southern Africa.
The minister also reiterated Angola’s commitment to honouring contracts and maintaining a stable investment environment for international partners operating in the country’s oil and gas sector.
“We appealed to partners for the continued maintenance of stability and innovation so that the Angolan oil sector remains competitive, given its geological potential and experience,” he said.
Focus on Azule Energy Partnership
The London meeting also included discussions on BP’s participation in Azule Energy, the joint venture formed between BP and Eni in Angola.
Azule Energy is currently one of the country’s largest independent oil and gas producers and plays a significant role in Angola’s upstream energy sector.
The talks formed part of Angola’s broader strategy to strengthen partnerships with global energy companies while encouraging new investment in exploration, production and energy infrastructure.
High-Level Delegation Attends London Meeting
Minister Diamantino Azevedo was accompanied during the visit by Angola’s Ambassador to the United Kingdom, José Patrício, Sonangol Chairman Sebastião Gaspar Martins, and National Oil, Gas and Biofuels Agency (ANPG) Director Alcides Andrade.
BP was represented by senior executives, including Executive Vice President Gordon Birrell, CEO Meg O’Neill, and Azule Energy Chairman Joe Murphy.
The meeting underscores Angola’s continued efforts to attract large-scale foreign investment into its energy sector while reinforcing strategic partnerships with major international oil companies.
