Angola’s Azule completes farm-in at Namibia block

WINDHOEK, December 19, 2024 – Angola-based BP–Eni joint venture Azule Energy has successfully completed its farm-in at a key block in Namibia, partner Rhino Resources announced on Wednesday.

The farm-in agreement with Rhino Resources at Block 2914A (PEL85) was first announced in May. Wednesday’s news of its completion came on the same day drilling commenced in the block.

On Wednesday, Rhino took to LinkedIn to celebrate the news that the process had been completed “following confirmation that all customary third-party approvals from Namibian authorities and joint venture parties have been granted.”

The block’s contractor group now consists of Rhino Resources (operator, 42.5%), Azule Energy Exploration Angola (42.5%), NAMCOR Exploration and Production (10%) and Korres Investments (5%).

Under the agreement, Azule Energy has the option to become operator for the development phase.

BP–Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia’s offshore Orange Basin, the two parties announced on Friday.

The move marks Azule’s entry into Namibia, and its first foray into an international market.

The agreement will grant Azule a 42.5% interest in Block 2914A. The current contractor group consists of operator Rhino (85%), NAMCOR (10%) and local company Korres Investments (5%).

Azule Energy is an independent joint venture created in 2022 by combining bp and Eni assets in Angola and is the country’s largest independent equity producer of oil and gas.

Read our latest interview with Azule Energy here.

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