Luanda - The international oil company Azule Energy, which operates in Angola, concluded, this week, the process that enables its integration into the group of four companies that will explore oil in offshore Block 2914A, located in the Orange basin of Namibia, where, since 2022 , numerous discoveries of hydrocarbons were made.
With the conclusion of this process, announced in May this year, Azule Energy Exploration Angola officially holds a 42.5% stake in this block, the same percentage as the company Rhino Resources Namibia, as operator, while the oil company Namcor Exploration and Production has 10% and Korres Investments has 5% of the shares.
According to a press release to which ANGOP had access on Friday, the agreement, signed in the “joint venture” format (joining two or more companies), allows Azule Energy to have the option of becoming an operator for the development phase, with the maintenance of the drilling plan for two high-impact wells.
Quoted in the note, the CEO of Azule Energy, Adriano Mongini, praised the support of the Namibian authorities and its partners that allowed the strategic partnership that became a reality.
The manager said that the company is committed to leveraging all its experience to safely and reliably unlock the potential of hydrocarbons and add value to all stakeholders in the Republic of Namibia.
In turn, the CEO of Rhino Resources Namibia, Travis Smithard, expressed his happiness at having received the possible approvals to conclude the aforementioned transformative and strategic transaction with Azule Energy.
He considers the partnership as an important milestone for his company's organic growth strategy, which will allow them to take advantage of the oil exploration experience together with Azule's rapid development capabilities and increase the creation of value for all interested parties.
Azule Energy, which holds resources of two billion barrels of oil equivalent, is an integrated and autonomous energy company that has invested ownership of the assets and workforce of BP Exploration Operating Company Limited (BP) and Eni International B.V. (Eni), each holding an equal shareholding of 50%.
The company was officially established on August 1, 2022, and its purpose is to be a safe, responsible, involved and pioneering company in the production of oil and gas in an economically viable way, as well as helping to expand the renewable energy sector in Angola.
With more than 900 employees, the oil company explores oil in 20 blocks, planning to increase its production to around 250,000 barrels of oil equivalent per day (boe/d) over the next four years.
It also holds shares in 18 licenses and a stake in Angola LNG, being the operator of the New Gas Consortium. Azule Energy is also a shareholder in the Solenova Ltd, a solar energy company owned jointly with Sonangol, which works in collaboration with the Luanda Refinery. QCB/MRA/DOJ
