According to a statement sent to Lusa, this is the first international agreement since the company, which brings together the participating interests of the British BP and the Italian Eni, was created in 2022.
The current contractor group is made up of the private operator Rhino (85 percent), the state oil company Namcor (10 percent) and the Namibian company Corres Investments (5 percent).
The work program envisages the drilling of two high-impact research wells, with the first well estimated to be drilled by the end of 2024. The agreement also grants Azule Energy the option to become the operator of Block PEL85.
The block is located in the Orange Basin "where, since 2022, several large oil discoveries have been made", the statement said.
Quoted in the note, the CEO of Azule Energy, Adriano Mongini, expressed enthusiasm for this advance. "Our entry into offshore Namibia represents a significant milestone for Azule. We are excited to enter this region of high hydrocarbon prospectivity and participate in research into Namibia's oil and gas potential. This investment is in line with Azule Energy's vision to become a regional leader in energy exploration and highlights its commitment to developing resources in a safe and reliable way", he pointed out.
"The signing of this agreement lays the foundation for a new strategic partnership between Rhino and Azule. This partnership is based on a mutual effort to accelerate research activities in the block, with the aim of developing the potential of hydrocarbons in the shortest possible time. We believe that Azule's exceptional capabilities in rapidly mobilizing technical and financial resources will complement our objectives of delivering value creation, benefiting all Namibian stakeholders," said Travis Smithard, CEO of Rhino Resources.
Azule Energy is the largest independent oil and gas producer in the country, with its own production increasing to around 250,000 barrels of oil equivalent/day over the next four years.
