Azule Energy, a joint venture between Italian company Eni and British company BP, has announced its strategic expansion into offshore oil exploration beyond Angola's borders. The company recently finalized an agreement on May 3, securing exploration rights in Namibia's Orange Basin, a promising petroleum-rich region.

In partnership with Rhino Resources Namibia, Azule Energy acquired a 42.5% stake in the PEL 85 petroleum exploration perimeter.

The agreement outlines ambitious plans for Azule Energy, including the initiation of drilling operations for at least two exploration wells. The first drilling activity is anticipated to begin before the end of the year, with potential opportunities for further operational contracts within PEL 85.

Covering an expansive area of 1700 km², PEL 85 possesses rich geological potential, supported by comprehensive 3D seismic data acquired in 2022. Recent oil discoveries nearby by industry leaders such as Galp, Shell, and TotalEnergies highlight the region's potential for substantial hydrocarbon reserves.

Azule Energy's entry into Namibia's offshore oil exploration sector aligns with a larger industry trend. The company's expansion follows Chevron's recent acquisition of an 80% stake in the same region, signaling growing interest and investment in Namibia's oil and gas sector.

With this strategic move, Azule Energy positions itself at the forefront of the Namibian offshore oil exploration boom, capitalizing on emerging opportunities beyond its established presence in Angola's petroleum industry.