Azule Energy Races to Beat TotalEnergies in Namibia Oil Production
In a high-stakes competition to become Namibia’s first oil producer, Azule Energy—a joint venture between bp and Eni—is fast-tracking development of its Capricornus discovery in block 2914A. CEO Adriano Mangini revealed that a final investment decision by the end of next year is “challenging but possible,” potentially enabling production to begin by 2029.
This timeline would directly compete with TotalEnergies’ Venus oilfield development plans in the Orange Basin. Azule negotiated its stake from operator Rhino Resources last year, with oil discovered at the Capricornus well in April. The company has the option to take over operatorship during the development phase, with discussions ongoing.
“We’re ready to stay in Namibia for many years because we know what we already have,” Mangini stated confidently during an interview in Windhoek. Rhino Resources CEO Travis Smithard separately declared his company’s “ambition” to be the first to produce oil in Namibia.
The competition comes as Namibia emerged as a major exploration hotspot following discoveries by Total and Shell three years ago, though recent exploration misses and Shell’s $400 million writedown have partially dampened initial enthusiasm.
Source: worldoil.com
