US Grants Eni Venezuelan Oil Licences; Angola JV Finds 500 MMbbl
OFAC granted Eni general licences to resume Venezuela operations and negotiate new PDVSA contracts, with royalties and taxes routed through a US-controlled fund and extra permits required for new investments. Azule Energy, a BP-Eni JV, discovered about 500 million barrels at Algaita-01 in Angola’s Block 15/06, near FPSO infrastructure.
1. US Grants General Licences for Venezuelan Operations
The Office of Foreign Assets Control issued two general licences enabling Eni to resume operations and negotiate new contracts with PDVSA. Royalties and taxes must flow through a US-controlled fund, and a separate licence for fresh investments requires additional OFAC permits, excluding dealings with Russian, Iranian or Chinese entities.
2. Significant 500 Million-Barrel Discovery in Angola
Azule Energy, a 50:50 joint venture between BP and Eni, struck an estimated 500 million-barrel oil discovery at the Algaita-01 well in Block 15/06. The find lies roughly 18 km from an existing FPSO vessel and exhibits high-quality reservoir characteristics, positioning the project for swift appraisal and development.