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Rhino Resources is moving forward with offshore oil and gas projects in Namibia by planning an appraisal well at Capricornus and a flow test at Volans. Capricornus had previously produced light oil at 11,000 barrels per day, while Volans is a high liquid-yield gas condensate find. The company is exploring co-development options and acquiring new seismic data to investigate the Sagittarius trend. In partnership with BP-Eni-backed Azule Energy, Rhino aims for a final investment decision by late 2026 or early 2027, with first oil potentially in 2030.
Rhino Resources, an African oil and gas company, is preparing to drill an appraisal well offshore Namibia next year while conducting a flow test on a separate prospect. These activities are part of the company's effort to advance its discoveries and compete with TotalEnergies in bringing first oil to southern Africa. Advertisement
The planned appraisal well at Capricornus follows a previous discovery of light oil that demonstrated a flow rate of 11,000 barrels per day. The flow test at Volans, Rhino's most recent high liquid-yield gas condensate discovery, will help determine the reservoir's performance and guide the company's development strategy. These findings are expected to provide crucial data to support investment and operational decisions.
CEO Travis Smithard said the uncertainty at this stage comes not from the quality of the discoveries but from the company's strategic options. Rhino is considering co-developing Capricornus and Volans, which are only 15 km apart, and is evaluating the purchase of new seismic data to the north of its block that could reveal further potential in the Sagittarius trend.
Rhino Resources operates in a joint venture with BP-Eni-backed Azule Energy and aims to take its own final investment decision on fast-track development by the end of 2026 or early 2027. The company has engaged with Floating Production Storage and Offloading (FPSO) owners and builders, who have indicated that an FPSO could be ready and commissioned in time for first oil in 2030.
The Capricornus discovery lies in shallower waters and has a lower gas-to-oil ratio compared with TotalEnergies' Venus field, potentially simplifying development and reducing subsea infrastructure requirements. Beyond Namibia, Rhino holds onshore acreage in five blocks across South Africa and continues to explore new investment opportunities across the continent. Smithard highlighted that while geology is a key factor, above-ground risks such as logistics and infrastructure also play a critical role in investment decisions.
Rhino Resources' focus on appraisal and flow testing reflects a structured approach to understanding and developing its offshore assets. By analyzing new data and exploring co-development and expansion options, the company aims to make informed decisions that maximize resource potential. Its careful planning underscores the growing importance of Namibia's oil and gas sector and Rhino's commitment to establishing a significant presence in southern Africa.
Source Reuters
5th Jun, 2025
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