International energy company Azule Energy has officially farmed-in to Namibia’s offshore Block 2914A with the signing of an agreement with exploration company Rhino Resources Namibia. The transaction marks Azule’s entry into the country as well as its first international deal.The African Energy Chamber (AEC) has recognised the value of the transaction in unlocking the full potential of Namibia’s oil and gas resources, saying the deal is a testament to the high level of international interest in Namibia’s offshore oil and gas opportunities.Under the terms of the agreement, Azule Energy has secured a 42.5% interest in Block 2914A. Following the completion of the acquisition, the company plans to drill two high-impact exploration wells as part of a work programme in the area, with the initiation of the first well anticipated as early as the end of this year. These wells are expected to play a crucial role in unlocking the hydrocarbon potential of the Orange Basin, thereby supporting Namibia’s energy security and economic growth.“It is an exciting moment for exploration in Namibia. This farm-in further confirms Namibia as one of the world’s most underexplored hotspots, with billions of barrels of oil yet to be found. We still believe that there will be many more similar farm-in deals by companies holding exploration assets in this emerging country,” said NJ Ayuk, the executive chairman of the AEC.
