Azule Energy, an Angolan energy joint venture between bp and Eni, has acquired a stake in Namibia’s offshore Block 2914A located in the Orange Basin.
This expansion into Namibia marks Azule’s first international move. The stake was secured through a farm-in agreement with Rhino Resources Namibia, the current operator which retains a majority share at 85%. NAMCOR (10%) and Korres Investments (Pty) Ltd (5%) also hold interests in the block.
The agreement grants Azule a 42.59% interest in Block 2914A, positioning the firm as a key player in the prospective oil and gas region.
The Orange Basin has witnessed several major oil discoveries since 2022, making it a prime target for exploration efforts.
As part of the deal, Azule Energy will contribute to an aggressive exploration programme that includes drilling two high-impact wells. The first well is expected to commence drilling by the end of 2024.
Additionally, the agreement provides Azule with the option to take over the operatorship of the block (PEL85).
“Our entry into offshore Namibia represents a significant milestone for Azule,” said Azule CEO, Adriano Mongini.
“We are excited to enter this highly prospective hydrocarbon region and to participate in the unlocking of 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.”
Rhino Resources CEO Travis Smithard said the agreement lays the groundwork for a new and important partnership between Rhino and Azule.
He emphasised that both companies strongly desire to speed up exploration efforts in the block.
“We believe that Azule’s unique capabilities of rapid deployment of technical and financial resources will complement our objectives of delivering value creation, for the benefit of all Namibian stakeholders,” he said.
The transaction awaits customary approvals from Namibian authorities and the joint venture parties. Once finalised, this farm-in agreement marks a significant step for both companies, propelling exploration efforts in the Orange Basin.
