BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin

WINDHOEK, May 3, 2024 – 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%).

The plan is to drill two high-impact exploration wells as part of a work programme in the area, with the first well expected to spud by the end of 2024. The agreement also provides Azule with an option to become the operator of PEL85.

Azule CEO Adriano Mongini commented, “Our entry into offshore Namibia represents a significant milestone for Azule. We are excited to enter this highly prospective hydrocarbon region and to participate in the unlocking of Namibia’s oil and gas potential.”

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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