(Ecofin Agency) – Azule Energy, a joint venture formed by the company Eni and its partner BP hopes to develop its activities beyond the Angolan oil industry where it is currently active.
Azule Energy, the joint venture comprising the British company BP and its Italian counterpart Eni, formalized, on Friday May 3, a farm-out agreement on the PEL 85 oil and gas exploration perimeter, located in the Orange basin, offshore of Namibia.
The agreement was concluded with Rhino Resources Namibia, a company based in South Africa which until now held 85% of PEL 85. Of the interests of which it has just sold half, that is to say 42, 5%, to Azule Energy for an amount which has not been specified.
As part of this deal, Azule is notably expected to carry out drilling activities covering at least two exploration wells, the first of which should take place by the end of the year. The possible signing of an operating contract on the PEL 85 is also announced. Covered by 1,700 km² of 3D seismic data acquired in 2022, the perimeter is surrounded by several oil discoveries made in recent months by Galp, Shell and TotalEnergies.
Through this acquisition, Azule Energy is also entering the race to explore the Orange basin with the multiplication of commercial discoveries of oil and gas deposits in Namibia. The joint venture joins the American company Chevron which, less than a week ago, offered itself an 80% stake in the area.
Abdel-Latif Boureim
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