INCREASED DEMAND: Azule Energy and BP are making a play for the Orange Basin.
Photo: OFFSHORE ENGINEER
INCREASED DEMAND: Azule Energy and BP are making a play for the Orange Basin. Photo: OFFSHORE ENGINEER

BP, Angola's Eni target Orange Basin

Melisa Čavčić
Azule Energy is joining other oil and gas players in Namibia’s Orange Basin, thanks to a farm-in agreement with Rhino Resources Namibia for a 42.5% interest in Block 2914A in petroleum exploration licence 85 (PEL85). This basin is turning into the world’s next hydrocarbon province with several major oil discoveries since 2022. The current partners in PEL 85 are Rhino (operator, 85%), Namcor (10%) and a local company, Korres Investments (5%). Azule has the option to become the operator of PEL85.

Angola-headquartered Azule is a joint venture between BP and Eni.

CEO Adriano Mangini said the entry into Namibia aligned with the company's goal to become a regional leader in the oil and gas sector.

“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. This venture aligns with Azule's vision of becoming a regional leader in energy exploration and underscores its dedication to safe and reliable resource development.”

Long list of players

The transaction is subject to customary third-party approvals from the Namibian authorities and joint-venture parties. As the plan is to drill two high-impact exploration wells, as part of a work programme in the area, Rhino recently hired the Noble Venturer rig for these drilling activities with the first well expected to spud by the end of 2024.

Azule has joined a long list of players that have found their way into the Orange Basin to search for more hydrocarbons. This deal follows Sintana Energy’s definitive agreement with Crown Energy to get up to 67% of the issued and outstanding shares of Giraffe Energy, which is the owner of a 33% interest in PEL 79, governing blocks 2815 and 2915 located inboard of blocks operated by BW Energy, Rhino Resources and Shell.

Chevron also recently ensured its entrance into PEL 82 due to an agreement to assume an 80% working interest and operatorship. As a result, the National Petroleum Corporation of Namibia and Custos Energy will each maintain a 10% carried interest in PEL 82 with Canada’s Sintana Energy holding an indirect 49% interest in Custos.

- Offshore Energy

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 390.98/OZ DOWN -0.0085 | Copper US$ 4.19/lb DOWN -0.0146 | Zinc US$ 2 741.90/T DOWN -1.6% | Brent Crude Oil US$ 82.65/BBP DOWN -0.0084 | Platinum US$ 944.66/OZ DOWN -0.0262 Sport results: Currie Cup: NovaVit Griffons 15 vs 64 DHL Western Province | Hollywoodbets Sharks XV 21 vs 31 Airlink Pumas | Vodacom Bulls 25 vs 13 Toyota Cheetahs XV | Fidelity ADT Lions 25 vs 13 Suzuki Griquas Rugby World Cup U20: England U20 21 vs 13 France U20 | Australia U20 6 vs 14 Argentina U20 | Ireland U20 24 vs 38 New Zealand U20 | Italy U20 13 vs 24 Georgia U20 | Wales U20 31 vs 47 South Africa U20 | Spain U20 24 vs 19 Fiji U20 Weather: Katima Mulilo: 13° | 33° Rundu: 13° | 34° Eenhana: 13° | 34° Oshakati: 14° | 32° Ruacana: 14° | 33° Tsumeb: 17° | 30° Otjiwarongo: 11° | 29° Omaruru: 12° | 30° Windhoek: 8° | 25° Gobabis: 8° | 30° Henties Bay: 11° | 17° Wind speed: 16km/h, Wind direction: S, Low tide: 10:00, High tide: 04:01, Low Tide: 22:27, High tide: 16:30 Swakopmund: 12° | 15° Wind speed: 15km/h, Wind direction: SW, Low tide: 09:58, High tide: 03:59, Low Tide: 22:25, High tide: 16:28 Walvis Bay: 10° | 20° Wind speed: 17km/h, Wind direction: SW, Low tide: 09:58, High tide: 03:58, Low Tide: 22:25, High tide: 16:27 Rehoboth: 9° | 27° Mariental: 10° | 27° Keetmanshoop: 9° | 24° Aranos: 9° | 28° Lüderitz: 11° | 19° Ariamsvlei: 10° | 25° Oranjemund: 9° | 18° Luanda: 20° | 22° Gaborone: 11° | 27° Lubumbashi: 13° | 31° Mbabane: 12° | 23° Maseru: 3° | 19° Antananarivo: 12° | 25° Lilongwe: 16° | 30° Maputo: 17° | 24° Windhoek: 8° | 25° Cape Town: 9° | 15° Durban: 13° | 21° Johannesburg: 12° | 22° Dar es Salaam: 21° | 31° Lusaka: 16° | 30° Harare: 14° | 27° Economic Indicators: Currency: GBP to NAD 23.53 | EUR to NAD 19.86 | CNY to NAD 2.51 | USD to NAD 18.26 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.28 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 134.08 | USD to AOA 872.64 | USD to BWP 13.58 | USD to EGP 48.36 | USD to KES 130.98 | USD to NGN 1584.2 | USD to ZAR 18.26 | USD to ZMW 25.9 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1757.83 Down -0.25% | Casablanca Stock Exchange (CSE) MASI 13623.01 Up +0.20% | Egyptian Exchange (EGX) 30 Index 28783.24 Up +0.45% | Botswana Stock Exchange (BSE) DCI 9380.4 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 390.98/OZ DOWN -0.0085 | Copper US$ 4.19/lb DOWN -0.0146 | Zinc US$ 2 741.90/T DOWN -1.6% | Brent Crude Oil US$ 82.65/BBP DOWN -0.0084 | Platinum US$ 944.66/OZ DOWN -0.0262