Rhino Resources, driven by recent successes of other major industry players such as TotalEnergies, Shell, and Galp in Namibia, has made a significant breakthrough in its oil exploration efforts. After announcing its intention to explore offshore oil in the country in November 2024, the company has now taken a decisive step by discovering oil resources on block 2914, located in the Orange offshore basin. Rhino Resources operates this block with an 85% stake, further cementing its pivotal role in the region.
Discovery on the Sagittarius 1-X well
The drilling of the Sagittarius 1-X well, recently carried out, revealed a hydrocarbon reservoir. While the exact potential of the discovered reserves has not been specified, initial analyses appear promising. Information released on February 17, 2025, indicated the presence of hydrocarbons in the reservoir, but the company has not disclosed details regarding the extent of the reserves or the exact volume of hydrocarbons in place.
Next steps: Capricornus 1-X
The next steps for Rhino Resources will include a thorough evaluation of the data collected, particularly through the Capricornus 1-X well, which represents the second target in its drilling program. According to the company’s statements, the outcome of these new drilling activities will be crucial in determining the commercial viability of the site and could significantly influence future investment and development decisions.
A discovery attracting international oil sector attention
This oil discovery in Namibia is drawing growing interest from other players in the international oil sector. Companies like BW Energy and Petrobras have already announced investments in the country, capitalizing on the potential of a promising oil industry. The commercial potential of these new reserves could play a key role in attracting further investments, further boosting the local market.
The evaluation of this discovery is still ongoing, and the outcome of future drilling activities at the site may provide a clearer picture of the region’s oil potential. A confirmation of the commercial viability of these resources would have significant implications for the energy market and could attract other major multinational companies in the sector.
