Fitch Ratings has awarded Azule Energy Holdings Limited a long-term foreign currency (IDR) issuer default (IDR) rating of “B+” for the first time with a stable outlook.

The rating reflects Azule Energy's mid-size oil and gas production, good reserve life, solid financial profile, and favorable shareholder structure as a joint venture between BP plc (A+/Stable) and Eni SpA (A-/Stable). The rating also takes into account the weak operational environment in Angola (B-/Stable). Fitch has also given the bonds offered by Azule Energy Finance Plc an expected unsecured senior rating of “B+ (EXP)” to the bonds offered by Azule Energy Finance Plc. The recovery grade is “RR4". Azule Energy's main growth projects in Angola include developments by Agogo and the New Gas Consortium (

Azule Energy's strategy is based on three key pillars such as organic production growth, exploration opportunities, and low-carbon initiatives.