Azule Energy, Rhino Resources form “landmark” offshore partnership in Namibia’s prolific Orange basin
(WO) – Azule Energy and Rhino Resources Namibia announced the execution of a farm-in agreement. This landmark agreement will grant Azule a 42.5% interest in Block 2914A offshore Namibia in the prolific Orange basin, where several major oil discoveries have been made since 2022.
The current contractor group consists of Rhino (Operator, 85%), Namcor (10%) and local company Korres Investments (Pty) Ltd (5%).
The plan is to drill two high-impact exploration wells as part of a work program in the area, with the first well expected to spud by the end of 2024. The agreement also provides Azule Energy with an option to become the operator of PEL85.
Azule Energy's CEO, Adriano Mongini, said, "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. 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 signing of this agreement sets the foundations for a new strategic partnership between Rhino and Azule. 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. 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."
Azule Energy is a 50/50 independent joint venture between bp and Eni. The company is Angola's largest independent equity producer of oil and gas, holding net resources of 2 Bboe and growing equity production to about 250,000 boed over the next 4 years.
