CEEMEA Corporates Today

Research evidence excerpt

CEEMEA Corporates Today

J P M O R G A N CEEMEA Credit Research

26 June 2026

Azule Energy

News EM CEEMEA Corporate Research

Zafar Nazim, CFA AC

• Azule Energy: Announces FID on the $5.1bn Greater PAJ project in Angola (44-20) 7134-7551

zafar.nazim@jpmorgan.com

Prices in this Note are as of the time of writing on Jun 25th. J.P. Morgan Securities plc

Konstantin Rozantsev

Africa (44-20) 7742-0275 konstantin.rozantsev@jpmorgan.com

Azule Energy: Announces FID on the $5.1bn Greater PAJ project in Angola J.P. Morgan Securities plc

Nikhil Bhat, CFA AC

Azule Energy announced (link) the Final Investment Decision (FID) for the (44-20) 3493-8074

Greater PAJ project, an offshore oil development located in Blocks 31 & 31/21 nikhil.x1.bhat@jpmorgan.com

J.P. Morgan Securities plc

offshore Angola. Greater PAJ is Angola’s first cross-block development which

Lorenzo Parisi, CFA

helps optimizing costs through scale and integration. Azule’s press release

(44-20) 3493-3150

mentions a total development cost of $5.1bn (gross). lorenzo.parisi@jpmorgan.com

Block 31 is operated by Azule Energy (26.67%) while other partners include Nandini Bommakanti

Sonangol (45%), SSI Thirty-One Limited (15%) and Equinor (13.33%). Block (44-20) 3493-3515

31/21 is operated by Azule Energy (50%) with Equinor (50%), as a partner. nandini.bommakanti@jpmorgan.com

First oil is expected in 1H29, with the overall development concept consisting of Keshav Maheshwari

17 wells connected to a new FPSO with a nameplate capacity of 95 kbopd and gas (91-22) 6157-3133

keshav.x.maheshwari@jpmchase.com

export capacity of 70 mmscfd which will be delivered to Angola LNG. Total J.P. Morgan India Private Limited

reserves associated with the development are estimated at 252 mmboe, with

approx.