Azule Energy, an Angola-based joint venture, has successfully finalized a farm-in agreement for Block 2914A in Namibia’s Orange Basin.
With this transaction, Azule Energy now holds a 42.5% participating interest in the block, located offshore Namibia, an area known for significant hydrocarbon discoveries since 2022.
The contracting group for Block 2914A now includes Rhino Resources Namibia Ltd. (Operator, 42.5%), Azule Energy Exploration Angola (KB) Ltd. (42.5%), Namcor Exploration and Production (10%), and Korres Investments (5%). Azule Energy retains the option to become the operator during the development phase.
The drilling plan for two high-impact wells remains on track, with the first well expected to be drilled this week.
Adriano Mongini, CEO of Azule Energy, expressed gratitude to Namibian authorities and partners, stating, “Azule Energy is committed to unlocking the hydrocarbon potential safely and adding value for all stakeholders in Namibia.”
Rhino CEO Travis Smithard called the transaction transformative and emphasized its strategic importance for Rhino’s organic growth strategy, leveraging exploration expertise and Azule’s development capabilities.
Established on August 1, 2022, Azule Energy is a 50/50 joint venture between bp and Eni. It is Angola’s largest independent oil and gas producer, holding 2 billion barrels of oil equivalent resources and targeting a production rate of 250,000 barrels of oil equivalent per day within four years.
Azule Energy also has stakes in 18 licenses, Angola LNG, Solenova (a solar energy company), and is the Operator of the New Gas Consortium, collaborating with the Luanda Refinery.
