Rhino Resources, an African oil and gas company, plans to drill an appraisal well next year on a prospect in Namibia and conduct a flow test on another site as it competes with TotalEnergies to achieve first oil in the country, its CEO said.
The company intends to drill the appraisal well at Capricornus, where it previously found light oil and recorded a flow rate of 11,000 barrels per day. This plan, which still needs government approval, could be part of a larger block-wide program. Rhino also plans a drill stem test at Volans, its latest gas condensate discovery with high liquid yields.
The results from these operations will guide Rhino’s efforts to speed up its offshore developments in Namibia, where TotalEnergies is expected to reach a final investment decision (FID) on its Venus field next year.
“There’s still some uncertainty, not due to the discoveries themselves but because we have many options to consider. We want to ensure every choice is made for the right reason,” CEO Travis Smithard told Reuters at the company’s Cape Town headquarters.
He added that Rhino may co-develop the Capricornus and Volans fields, which lie only 15 kilometers apart. The company is also evaluating new seismic data to the north of its block, which could open up the Sagittarius trend.
Rhino, which partners with BP-Eni–backed Azule Energy, aims to make its own FID on the fast-track project by late 2026 or early 2027.
According to Smithard, several Floating Production Storage and Offloading (FPSO) companies have indicated that an FPSO could be ready and commissioned by 2030 for first oil.
Future projects could be simpler, he said, because Capricornus lies in shallower waters and may need less subsea infrastructure. It also has a lower gas-to-oil ratio than Total’s Venus field.
Beyond Namibia, Rhino holds onshore licenses in five South African blocks and is actively seeking new investment opportunities across Africa and beyond.
“The geology is vital, but we also pay close attention to above-ground risks when making investment decisions,” Smithard said.
source: www.oedigital.com
African Energy Council