BP-Eni Joint Venture Fast-Tracks Namibia Oil Operations Amidst Competition with TotalEnergies and Shell.

Azule Energy, a joint venture between BP and Eni, is fast-tracking its Namibia oil operations after discovering oil at the Capricornus well in April. The partners aim to make a final investment decision by the end of 2023, which would allow for production to begin by 2029. The discovery is part of Namibia's growing oil exploration scene, which has attracted companies like TotalEnergies and Shell. Azule's CEO Adriano Mangini is confident in the company's discovery and plans to stay in Namibia for years to come.

Azule Energy, a joint venture between BP Plc and Eni SpA, is accelerating its Namibia oil operations following a significant discovery at the Capricornus well in April. The partners aim to make a final investment decision by the end of 2023, which would enable production to begin by 2029. This development comes as Namibia's oil exploration sector gains traction, attracting major players like TotalEnergies SE and Shell Plc [1].

Azule Energy, established in Angola in 2022, has acquired a stake in Namibia’s block 2914A from operator Rhino Resources. The Capricornus well, located in this block, yielded oil, positioning Azule as a key player in the region. The joint venture is now exploring the development phase, with CEO Adriano Mangini expressing confidence in the discovery and the company's long-term commitment to Namibia [1].

The discovery at Capricornus is part of a broader trend in Namibia's oil exploration sector. Recent discoveries by TotalEnergies and Shell have transformed Namibia into an attractive exploration destination. However, challenges, such as technical and geological issues, have led to setbacks, including a $400 million writedown by Shell [1].

Meanwhile, Oregen Energy Corp., formerly known as Supernova Metals Corp., has expanded its presence in Namibia's Orange Basin through the acquisition of Oranam Energy Limited. This acquisition has increased Oregen's equity interest in WestOil Limited, which owns a significant portion of block 2712A. The Orange Basin has seen substantial exploration activity, with significant discoveries by companies like Galp Energia and TotalEnergies [2].

Azule Energy's fast-tracked operations in Namibia are part of a broader effort to capitalize on the region's growing oil potential. As Namibia continues to attract investment and exploration, companies like Azule and Oregen are positioning themselves to benefit from this emerging deepwater frontier.

References:
[1] https://www.bloomberg.com/news/articles/2025-08-14/bp-eni-venture-puts-namibia-oil-find-on-fast-track-to-output
[2] https://www.mining.com/press-release?id=689cfd86e895a5c771d266b3