Fossil Energy – Stake in Block
Azule Energy, a joint venture between BP and Eni, has announced a farm-in agreement with Rhino Resources Namibia for a significant stake in an offshore oil block.
This is the first international deal since its creation in 2022
The deal, on completion, will grant Azule a 42.5% interest in Block 2914A (PEL 85), situated in the prolific Orange basin offshore Namibia, which has been the site of several major oil discoveries since 2022.
The current contractor group for the block includes Rhino Resources as the operator with an 85% stake, the National Petroleum Corporation of Namibia (NAMCOR) holds a 10% stake while local company Korres Investments owning the remaining 5% stake.
As per the terms of the agreement, the companies plan to drill two high-impact exploration wells in the area, with the first well expected to commence by the end of 2024.
Additionally, Azule Energy has the option to become the operator of PEL 85, pending customary approvals from Namibian authorities and joint venture parties.
