A BP-Eni joint venture and Rhino Resources Namibia have signed an agreement for a 42.5% interest in a block in the country's offshore Orange Basin, the companies said on Friday.
The agreement is Azule Energy's first investment in Namibia. Azule, formed in 2022, is a JV between Eni (ENI.MI), opens new tab and BP (BP.L), opens new tab for their Angolan assets.
Several oil giants including TotalEnergies (TTEF.PA), opens new tab and Shell (SHEL.L), opens new tab have invested in Namibia, which plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century.
In April, Portugal's Galp Energia (GALP.LS), opens new tab said it had found at least 10 billion barrels of oil equivalent in its field, in the largely unexplored Orange Basin.
The agreement with Rhino will give Azule the right to drill two exploration wells in Block 2914A, one of which is expected to begin in 2024 and an option to operate petroleum exploration licence PEL85 on completion of the deal.
