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BP-Eni JV Azule signs agreement for offshore license in Namibia



© rarrarorro / Adobe Stock

© rarrarorro / Adobe Stock

A joint venture BP-Eni and Rhino Resources Namibia have signed an agreement for a 42.5% stake in a block off the country’s Orange Basin coast, the companies said on Friday.

The deal is Azule Energy’s first investment in Namibia. Azule, formed in 2022, is a joint venture between Eni and BP for their Angolan assets.

Several oil giants, including TotalEnergies and Shell, have invested in Namibia, which plans to open a major new frontier basin whose recent offshore finds are among the largest this century.

In April, Portugal’s Galp Energia said it had found at least 10 billion barrels of oil equivalent in its field in the virtually unexplored Orange Basin.

The agreement with Rhino will give Azule the right to drill two exploration wells in Block 2914A, one of which is expected to start in 2024, and an option to operate the PEL85 oil exploration license upon completion of the agreement.

(Reuters – Reporting by Prerna Bedi; Editing by Shounak Dasgupta)