African oil and gas company Rhino Resources is accelerating its Namibian offshore development plans, announcing intentions to drill an appraisal well next year and conduct a flow test as it competes with TotalEnergies to achieve first oil in the southern African nation. The appraisal well, subject to government approval and potentially part of a block-wide program, will target Capricornus where light oil was discovered with a tested flow rate of 11,000 barrels per day. Meanwhile, a drill stem test is planned for Volans, the company’s latest high liquid-yield gas condensate discovery. CEO Travis Smithard, speaking from the company’s Cape Town headquarters, revealed that Rhino is considering co-developing Capricornus and Volans, which are separated by just 15 kilometers, while also evaluating new seismic data north of its block that could unlock the Sagittarius trend.
The company, in joint venture partnership with BP-Eni backed Azule Energy, aims to reach a final investment decision on its fast-track development by the end of 2026 or first quarter of 2027. FPSO owners and builders have indicated a strong possibility of having a Floating Production Storage and Offloading vessel ready and commissioned for first oil in 2030. Smithard noted that future developments could be simpler than TotalEnergies’ Venus field, as Capricornus sits in shallower waters with potentially less subsea infrastructure requirements and a lower gas-to-oil ratio. Beyond Namibia, Rhino holds onshore acreage across five blocks in South Africa and continues seeking new investment opportunities across the continent.
Source: namibiaoilandgas.com