Azule Energy – a joint venture between energy majors Eni and bp – has successfully completed a Farm-In Agreement for Block 2914A, offshore Namibia.
The announcement comes as third-party approvals from the Namibian government and joint venture partners have been granted.
Azule Energy now holds a 42.5% interest in the block, which is situated in PEL 85 in the Orange Basin. As per the agreement, the company also has the opportunity to become operator of the block for the development phase, with plans currently underway to drill two high-impact wells.
Block 2914A is currently operated by exploration company Rhino Resources Namibia with a 42.5% interest. Other partners in the block include Namibia’s national oil company Namcor (10%) and indigenous company Korres Investments (5%).
