#JustIn: BP enters oil hunt in Orange Basin
Azule Energy, an independent joint venture combining BP and Eni assets, has reached a “landmark agreement” with Rhino Resources which will grant the company a 42.5% stake in Block 2914A in the Orange Basin in Namibia, home to significant oil discoveries since 2022.
Under the terms, Rhino Resources remains the operator with an 85% stake, while Namcor holds 10% and local company Korres Investments owns 5%. Azule Energy has the option to become the operator of PEL85. The deal is subject to regulatory approvals, and drilling activities are planned for late 2024 using the Noble Venturer rig.
“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,” Azule CEO Adriano Mangini, said in a statement.
Under the terms, Rhino Resources remains the operator with an 85% stake, while Namcor holds 10% and local company Korres Investments owns 5%. Azule Energy has the option to become the operator of PEL85. The deal is subject to regulatory approvals, and drilling activities are planned for late 2024 using the Noble Venturer rig.
“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,” Azule CEO Adriano Mangini, said in a statement.
