Wedoany.com Report-Aug. 15, Azule Energy, a joint venture between bp and Eni, is accelerating its oil operations in Namibia as it competes with companies such as TotalEnergies SE to be among the first to produce crude in one of the world’s emerging oil regions.

Last year, Azule negotiated a stake in Namibia’s block 2914A from operator Rhino Resources. In April, the partners announced an oil discovery at the Capricornus well. According to Azule Chief Executive Officer Adriano Mangini, reaching a final investment decision on the project by the end of next year is challenging but possible. If achieved, production could start by 2029, aligning with potential development timelines from TotalEnergies.

TotalEnergies and Shell Plc made significant discoveries in Namibia three years ago, turning the southern African nation into a sought-after exploration destination. However, recent drilling results and a $400 million writedown by Shell, attributed to technical and geological issues, have tempered some expectations.

Mangini expressed confidence in Azule and its partner’s discovery, stating in an interview in Windhoek, Namibia’s capital: “We’re starting to look into Capricornus in terms of development. We’re ready to stay in Namibia for many years because we know what we already have.”

Earlier this week, Rhino Resources CEO Travis Smithard said the company has an “ambition” to be the first to produce oil in Namibia.

Established in Angola in 2022, Azule holds the option to assume operatorship of the project during its development phase, with discussions ongoing. Mangini noted: “We are moving in a productive way, in a full collaboration way.”

This approach reflects Azule’s strategy to build a long-term presence in Namibia, leveraging recent discoveries to compete in a region that is attracting substantial investment interest from major energy companies. The company aims to balance technical development with collaboration among partners to bring the Capricornus project toward production within the targeted timeframe.