Rhino Resources aims to reach a final investment decision (FID) on its Namibian offshore oil and gas discoveries by late 2026 or early 2027, Chief Executive Travis Smithard told Reuters.
The company has made significant progress in Namibia’s Orange Basin, where it holds interests in the Capricornus and Volans prospects — both part of a growing cluster of offshore discoveries that have confirmed the basin’s world-class petroleum potential.
At Capricornus, Rhino successfully tested light oil at around 11,000 barrels per day, while the more recent Volans find yielded a high-liquid-yield gas condensate.
Together, the prospects are seen as key to the company’s plan to develop a fast-track production hub in Namibian waters.
If successful, Rhino would become the second company after TotalEnergies to move a Namibian offshore discovery toward development and production.
TotalEnergies is expected to take a final investment decision on its Venus field next year, potentially making Namibia one of Africa’s newest oil frontiers.
Rhino’s target is to follow closely behind, transforming its discoveries into producing assets by 2030 and positioning itself as a homegrown competitor in one of the continent’s most promising new petroleum basins.
Rhino plans to drill an appraisal well at Capricornus and conduct a flow test at Volans next year as part of a broader campaign to advance its discoveries.
The work programme, still subject to government approval, follows the confirmation of light oil at Capricornus, where earlier testing yielded flow rates of about 11,000 barrels per day, and a high-liquid-yield gas-condensate find at Volans.
“These results give us optionality. There’s a fair amount of uncertainty at this stage — not because of the quality of the discoveries, but because we have so much opportunity on our hands, we want to make sure we make the right decision for the right reason,” said Smithard.
Rhino is weighing whether to co-develop Capricornus and Volans, which lie only 15 kilometres apart, while acquiring new seismic data to the north of its offshore block to assess the Sagittarius trend.
This promising geological structure could extend the Orange Basin petroleum system.
The company operates in partnership with Azule Energy, the BP-Eni-backed joint venture, and expects to use new data and tests to refine its fast-track development plan.
“The goal is to achieve first oil by 2030. FPSO builders are telling us there’s a strong possibility of getting a unit ready in time for 2030. That’s a realistic window for us, given the pace of our programme and the quality of the assets,” said Smithard.
Rhino’s project could be technically simpler than TotalEnergies’ massive Venus field, which is expected to reach FID in 2026.
“Capricornus sits in shallower waters and has a lower gas-to-oil ratio than Venus. That means fewer subsea complexities and lower costs,” said Smithard.
Beyond Namibia, Rhino Resources holds onshore acreage in five South African blocks and is exploring new investment opportunities across Africa.
“The geology is fundamental. But above-ground risk is equally critical, and that’s something we weigh heavily in every investment decision,” said Smithard.
