Rhino Resources plans to drill an appraisal well and conduct a flow test offshore Namibia next year, as the company moves to fast-track its discoveries and target first oil production by 2030.
According to Chief Executive Officer Travis Smithard, the appraisal well will focus on the Capricornus prospect, where light oil has already been discovered and previously tested at a flow rate of 11,000 barrels per day. A drill stem test is also planned for Volans, the company’s latest high liquid-yield gas condensate discovery.
Smithard said data collected from these operations will guide Rhino’s development strategy as it seeks to accelerate project timelines amid growing competition from TotalEnergies, which is expected to make a final investment decision (FID) on its Venus field next year.
“There’s a fair amount of uncertainty at this stage — not because of the quality of the discoveries, but because we have such optionality on our hands. We want to make sure we make the right decision for the right reason,” Smithard told Reuters at the company’s Cape Town headquarters.
Rhino Resources is considering co-developing the Capricornus and Volans fields, which lie about 15 kilometres apart, and plans to acquire additional seismic data north of its block to explore the Sagittarius trend.
The company, in partnership with Azule Energy, a BP-Eni joint venture, aims to reach its own FID by late 2026 or early 2027.
Smithard said Rhino has already engaged with Floating Production Storage and Offloading (FPSO) suppliers, who indicated the possibility of commissioning a unit in time for first oil by 2030.
He added that future developments could be simpler and more cost-efficient, noting that Capricornus lies in shallower waters and has a lower gas-to-oil ratio compared to Venus.
“The geology is fundamental, but the above-ground risk is also critical and something that we consider strongly when making investment decisions,” Smithard said.
