Azule Energy's Strategic Move in Namibian Offshore
Deal News | Dec 20, 2024 | Phoenicia Group Libya LLC
Azule Energy has completed a Farm-In Agreement for Block 2914A, offshore Namibia, thereby securing a 42.5% interest in the block. The announcement follows the previous declaration in May 2024 regarding the Farm-Out Agreement. The acquisition received the necessary approvals from the Namibian authorities and joint venture parties, solidifying Azule Energy's investment presence in the Orange Basin region. Phoenicia Group Libya has shown its support for Azule's endeavor, marking a significant strategic development in the resource-rich area that is attracting considerable interest from global players.
Sectors
- Energy Sector
Geography
- Namibia – The geographic focus of the article is Namibia, particularly the Namibian Orange Basin, where Block 2914A is located offshore, and Azule Energy's interests lie.
Industry
- Energy Sector – The article centers around the offshore oil and gas industry involving a Farm-In Agreement, thus directly relating to the energy sector aimed at resource extraction and exploration.
Financials
- – The specific financial terms of the Farm-In Agreement were not disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Azule Energy | Acquirer | Company | Azule Energy is the company acquiring a 42.5% interest in Namibian offshore Block 2914A. |
| Phoenicia Group Libya LLC | PE Firm | Company | Phoenicia Group Libya LLC is a private equity firm backing Azule Energy in their acquisition efforts. |
| Namibian Authorities | Regulatory Approval | Government | Namibian authorities granted necessary regulatory approvals for the transaction. |
| Joint Venture Parties | Partner Approvals | Company | The joint venture partners involved in the project that provided necessary approvals for the transaction. |