Rhino Resources surprise move in the Orange Basin
Rhino Resources has pulled a surprise in Namibia’s Orange Basin by advancing toward a Final Investment Decision (FID) ahead of Portuguese operator Galp Energia, which is still searching for a strategic development partner for its Mopane discovery.
While Galp’s twin wells, Mopane-1X and Mopane-2X, confirmed one of the basin’s largest oil accumulations earlier in 2025, the company remains in talks with potential partners to share the heavy cost of appraisal and future development, expected to exceed US$4 billion.
In contrast, Rhino has already secured a technically and financially strong alliance with Azule Energy — the BP-Eni-backed joint venture — positioning it to move faster toward commercialisation of its Capricornus and Volans discoveries.
The smaller, privately held Rhino now appears set to become the second company after TotalEnergies to reach an FID in Namibian waters, outpacing larger rivals in one of the world’s most competitive new oil frontiers.
Rhino Resources is poised to become the second company after TotalEnergies to declare a Final Investment Decision (FID) for an offshore oil development in Namibia’s Orange Basin, a move that would cement the country’s status as Africa’s newest oil frontier.
The milestone will follow TotalEnergies’ expected FID on the Venus field in late 2026, with Rhino targeting its own decision shortly thereafter.
Rhino Resources, once a modest Cape Town-based explorer, is now positioned to become one of Namibia’s leading oil and gas developers.
The company’s fortunes turned on sustained exploration, new partnerships, and two significant discoveries in the Orange Basin, which have transformed it from a little-known player into a contender for Namibia’s next offshore production project.
Rhino Resources, a privately owned African exploration and production company, entered Namibia in 2018 when it was awarded Petroleum Exploration Licence (PEL) 85 over Block 2914A in the Orange Basin. The licence was issued by the Ministry of Mines and Energy, with Rhino as operator alongside Namcor and a local Namibian partner.
For years, the company quietly advanced seismic and technical studies while building in-country capacity.
Its persistence paid off in December 2024, when it struck a farm-in partnership with Azule Energy — the BP-Eni-backed joint venture — along with the National Petroleum Corporation of Namibia (Namcor) and Korres Investments (Pty) Ltd, a Namibian-owned company holding a 5% participating interest.
Under the agreement, Rhino retained a 42.5% operating interest in PEL 85, while Azule Energy also took a 42.5% stake, NAMCOR held a 10% stake, and Korres Investments held a 5% stake. The deal secured the technical depth and financial backing needed for deepwater exploration and marked a decisive turning point for the company.
In February 2025, Rhino drilled its first deepwater well, Capricornus-1X, on Block 2914A (PEL 85) in the Orange Basin, in water depths of about 1 650 metres.
-Extractor Magazine
While Galp’s twin wells, Mopane-1X and Mopane-2X, confirmed one of the basin’s largest oil accumulations earlier in 2025, the company remains in talks with potential partners to share the heavy cost of appraisal and future development, expected to exceed US$4 billion.
In contrast, Rhino has already secured a technically and financially strong alliance with Azule Energy — the BP-Eni-backed joint venture — positioning it to move faster toward commercialisation of its Capricornus and Volans discoveries.
The smaller, privately held Rhino now appears set to become the second company after TotalEnergies to reach an FID in Namibian waters, outpacing larger rivals in one of the world’s most competitive new oil frontiers.
Rhino Resources is poised to become the second company after TotalEnergies to declare a Final Investment Decision (FID) for an offshore oil development in Namibia’s Orange Basin, a move that would cement the country’s status as Africa’s newest oil frontier.
The milestone will follow TotalEnergies’ expected FID on the Venus field in late 2026, with Rhino targeting its own decision shortly thereafter.
Rhino Resources, once a modest Cape Town-based explorer, is now positioned to become one of Namibia’s leading oil and gas developers.
The company’s fortunes turned on sustained exploration, new partnerships, and two significant discoveries in the Orange Basin, which have transformed it from a little-known player into a contender for Namibia’s next offshore production project.
Rhino Resources, a privately owned African exploration and production company, entered Namibia in 2018 when it was awarded Petroleum Exploration Licence (PEL) 85 over Block 2914A in the Orange Basin. The licence was issued by the Ministry of Mines and Energy, with Rhino as operator alongside Namcor and a local Namibian partner.
For years, the company quietly advanced seismic and technical studies while building in-country capacity.
Its persistence paid off in December 2024, when it struck a farm-in partnership with Azule Energy — the BP-Eni-backed joint venture — along with the National Petroleum Corporation of Namibia (Namcor) and Korres Investments (Pty) Ltd, a Namibian-owned company holding a 5% participating interest.
Under the agreement, Rhino retained a 42.5% operating interest in PEL 85, while Azule Energy also took a 42.5% stake, NAMCOR held a 10% stake, and Korres Investments held a 5% stake. The deal secured the technical depth and financial backing needed for deepwater exploration and marked a decisive turning point for the company.
In February 2025, Rhino drilled its first deepwater well, Capricornus-1X, on Block 2914A (PEL 85) in the Orange Basin, in water depths of about 1 650 metres.
-Extractor Magazine
