A bp and Eni 50/50 Angolan venture, Azule Energy, has entered Namibia via a farm-in agreement with Rhino Resources involving PEL 85 on block 2914A in the Orange Basin.
PEL 85 is jointly owned by Rhino Resources at 85%, Namcor at 10%, and Korres Investments at 5%.
Azule Energy will have a 42.5% interest with an option to become the operator.
Part of the work program is to drill two high-impact wells, with the first well expected to spud by the end of 2024.
Azure Energy CEO Adriano Mongini said the company’s entry into offshore Namibia represents a significant milestone.
“We are excited to enter this highly prospective hydrocarbon region and participate in unlocking Namibia’s oil and gas potential.
“This venture aligns with Azule Energy’s vision of becoming a regional leader in energy exploration and underscores its dedication to safe and reliable resource development,” Mongini said.
Rhino Resources CEO Travis Smithard said the signing of the agreement sets the foundations for a new strategic partnership.
“This partnership is based upon a mutual drive to accelerate exploration on the block with the goal of developing the hydrocarbon potential in the shortest timeframes possible,” he said.
Smithard added that Azule’s unique capabilities of rapid development of technical and financial resources would complement Rhino Resources’ objectives of delivering value creation for the benefit of all Namibian stakeholders.
Azule Energy was formed in 2022 by combining bp and Eni Angolan businesses.
The company is Angola’s largest independent equity producer of oil and gas, holding net resources of 2 billion barrels of oil equivalent and growing equity production to about 250.000 barrels of oil equivalent a day over the next four years.
Azure holds stakes in 20 licences and is the operator of the New Gas Consortium.
