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Moody’s Upgrades Azule Energy’s Credit Rating to B1 with Stable Outlook

Azule Energy is pleased to announce that Moody’s Ratings has upgraded the company’s corporate family rating and senior unsecured note ratings from B2 to B1, maintaining a stable outlook. This positive development reflects our strong performance and credit profile, and supports our commitment to disciplined investment, robust liquidity and prudent financial management as we continue to build a resilient business.

Read the full rating announcement from Moody’s
Investors

Generating Growth from a Resilient Base: One of the largest independent O&G producers in Sub-Saharan Africa

Offshore assets, diversified reserves, growth opportunities in Angola and Namibia, deep shareholder expertise from bp and Eni, conservative leverage, and a clear ESG commitment. The investor story behind Azule Energy.

Moody's rating
B1
Stable outlook
Fitch rating
B+
Stable outlook
Bond issue
$2.7B
Issued January 2025 (8.125% coupon) and January 2026 (8.25% and 8.625% coupon)
Maturity
2030/2031/2033
5, 5 and 7 year tenors respectively

Committed to long-term value creation.

The perspectives of Azule's CEO and CFO on strategy, financial discipline, and the company's long-term investment case.

Joe Murphy, Chief Executive Officer
Joe Murphy

Chief Executive Officer

"At Azule, we are committed to powering Angola and global markets with responsibility, innovation, and discipline. Our focus is clear: deliver sustainable long-term value through operational excellence, advanced technology, and a balanced, future-ready portfolio. We will continue to strengthen our foundations while unlocking new opportunities for our shareholders, our people, and the communities we serve."

Federico Mazzoni, Chief Financial Officer
Federico Mazzoni

Chief Financial Officer

"Our financial strategy is built on discipline, transparency, and long-term value creation. We remain focused on delivering sustainable returns to our shareholders while investing responsibly in the future of energy."

Six reasons institutional investors back Azule.

The structural advantages that anchor Azule's long-term equity story.

Deepwater Angolan assets

11 operated blocks, five FPSOs, and long-lived reserves across world-class Angolan deepwater assets. Combined with one of the industry's largest installed subsea wellhead (X-tree) portfolios, Azule ranks among the top 10 global subsea operators, demonstrating technical excellence in deepwater project execution and operation.

Diversified opportunities

Stable oil output combined with Angola’s first non-associated gas projects and frontier exploration potential in Namibia for diversified, long-term growth.

Driving Growth through Execution Excellence

Azule combines a strong opportunity portfolio with a track record of delivering on time and on cost.

Shareholder expertise

50/50 joint venture of bp and Eni — two of the world's most experienced offshore operators, backing Azule's strategy and operational capability.

Robust financial and leverage profile

Strong liquidity, disciplined leverage, and access to deep capital markets ensure resilience through cycles.

ESG commitment

On track to reduce GHG emissions by 40% by 2030, with 75% lower flaring and near-zero methane emissions. Creating shared value through clean cooking, renewable energy, water, healthcare and environmental conservation programmes.

An incorporated joint venture, anchored in Angola.

Azule Energy Holdings Limited (AEHL) is the parent company. It is the company that primarily manages Group Treasury, Group Tax, Company Secretary, Group Reporting and Internal Audit activities. Leadership is appointed by the underlying subsidiaries that conduct Angola operations under Petroleum agreements with the Angolan Government, represented by the National Concessionaire.

bp p.l.c. and Eni SpA each hold a 50% share of Azule Energy.

Azule Energy’s leadership team, including the CEO and CFO, is appointed by AEHL’s subsidiaries for managing their operation through their respective registered branches in Angola.

Explore our Group Structure

Reports archive.

Quarterly financial reviews, interim statements, and annual reports - back to the company's founding in 2022.

View all financial statements →

Webcast replays and slide decks.

Recent investor calls and presentations from quarterly and full-year results.

View all presentations →

Bond instruments and credit standing.

Three U.S. dollar bonds issued by Azule Energy Finance PLC since 2025, alongside our corporate credit ratings from Moody's and Fitch.

Bond feature
Jan 2025 — $1.2B
Jan 2026 — $850M
Jan 2026 — $650M
Issuer
Azule Energy Finance PLC
Azule Energy Finance PLC
Azule Energy Finance PLC
Issue date
23 January 2025
22 January 2026
22 January 2026
Size
$1,200,000,000
$850,000,000
$650,000,000
Coupon
8.125%
8.25%
8.625%
Maturity
5NC2 – 23 Jan 2030
5NC2 – 22 Jan 2031
7NC3 – 22 Jan 2033
Currency
U.S. Dollars
U.S. Dollars
U.S. Dollars
Listing
International Stock Exchange
International Stock Exchange
International Stock Exchange
ISIN
Reg S
XS2984221239
Rule 144A
US05501YAA64
Reg S
XS3271042338
Rule 144A
US05501YAB48
Reg S
XS3271041959
Rule 144A
US05501YAC21
B1
Moody's · Stable outlook
Last reviewed 1 October 2026
B+
Fitch · Stable outlook
Last reviewed 19 December 2025

Board representation from bp and Eni.

The Azule Board includes senior directors drawn from both shareholder companies. Joint oversight reflects the 50/50 ownership structure.

Chairman
Guido Brusco
Chief Operating Officer Global Natural Resources and General Manager at Eni
Vice Chairman
Gordon Birrell
EVP Production and Operations at bp
Board Director
Luca Vignati
Director Upstream leading Eni’s global Upstream business at Eni
Board Director
Richard Eaton
SVP of Finance at bp
Board Director
Giorgio Groppi
Head of M&A - Natural Resource & Technology at Eni
Board Director
Ann Davies
SVP Wells at bp
Board Director
Mario Bello
Head of the Sub-Saharan Africa Region at Eni
Board Director
Madeleine Rudge
Head of Downstream Business Performance at bp

The numbers that define our transition path.

Azule's ESG targets and current performance — measured, reported, and audited against bp and Eni's wider Net Zero commitments.

16%
Reduction achieved vs baseline
25 MW
Caraculo solar capacity in operation
2,107t
Waste recycled in 2025
20+
Active social projects reaching 19 provinces

Get in touch.

For investor relations questions, financial reports, or to register for upcoming results calls.

Investor Relations

Email: investor@azule-energy.com

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