London, June 23, 2026, 15:06 BST
BP stock was lower in London on Tuesday, with shares last seen at 495.85p, down 0.87% after an open at 502.70p, as of 15:03 BST on delayed data. This comes after its Angola joint venture cleared a $5.1 billion offshore oil project.
Investors shrugged. They’re looking at a big oil project but face years before seeing cash. Azule Energy, split between BP and Eni, is targeting first oil in 2029 from five fields in Angola’s offshore Blocks 31 and 31/21.
Greater PAJ is set to use 17 wells tied back to a new FPSO, or floating production, storage and offloading vessel. The ship will process crude, store it, and handle up to 95,000 barrels of oil a day. It will also send 70 million cubic feet of gas daily for export to the Angola LNG plant.
Azule has signed off on the final investment decision for a project holding about 252 million barrels in reserves. The company operates the development, alongside Equinor, Sonangol and the national oil agency. “Greater PAJ will contribute to sustaining production … and reinforcing Angola’s position as a key energy supplier,” Chief Executive Joseph Murphy said. Reuters
Brent crude slipped again, off 0.3% to $77.64 a barrel by 1155 GMT, after dropping over 3% Monday. The move followed signs of progress in U.S.-Iran talks, which eased worries about a lasting supply crunch. SEB’s Ole Hvalbye called the agreement “new and fragile.” Tamas Varga of PVM said shipowners would want proof that mine threats are “fully eliminated.” Reuters
London stocks slipped again. The FTSE 100 hit a low not seen in over a week as rate hike worries kept investors cautious. A survey reported the UK services sector shrinking at its fastest rate since January 2023. BP dropped with the market. Angola’s approval didn’t lift BP shares.
Greater PAJ is coming online as BP sticks to tighter spending. The company kept its 2026 capex target at $13 billion to $13.5 billion. BP wants net debt between $14 billion and $18 billion by the end of 2027. Project costs, delivery times, and reliable operations are now front and center.
But there are more risks than just oil prices and offshore work. BP and other fuel sellers face a proposed class action from California drivers, who say the companies used Kalibrate’s AI pricing tool to set pump prices together. The lawsuit says gas prices jumped by up to 30 cents a gallon in places using the system the most. The companies named in the suit didn’t respond or wouldn’t comment. How much money could be at stake isn’t said, and the claims haven’t been proven in court.
BP’s Greater PAJ project stands as a future production driver for shareholders, but a 2029 start date means little short-term impact on earnings. Shares on Tuesday moved with Brent prices, debt moves and the broader market, not off the project’s approval.
