Rhino Resources Targets First Oil in Namibia, Challenges TotalEnergies with 2025 Drilling Campaign
Rhino Resources, an emerging African oil and gas company, is preparing to drill an appraisal well in Namibia next year and conduct a flow test on a recent discovery as it races alongside TotalEnergies to bring the country’s first offshore oil to market, CEO Travis Smithard said.
The company plans to drill the appraisal well at Capricornus, where it previously encountered light oil and achieved a flow rate of 11,000 barrels per day.
The drilling program, still awaiting government approval, could form part of a broader, block-wide exploration and development plan.
In addition, Rhino will conduct a drill stem test at Volans, its latest gas condensate discovery known for high liquid yields.
“There’s still some uncertainty—not because of the discoveries themselves, but because we have multiple development options to assess.
We want to ensure every decision is made strategically,” Smithard told Reuters at the company’s Cape Town headquarters.
Fast-Tracking Offshore Development
The results from both operations will guide Rhino’s efforts to accelerate offshore developments in Namibia.
The company aims to keep pace with TotalEnergies, which is expected to reach a final investment decision (FID) on its massive Venus field next year.
Smithard revealed that Rhino may co-develop the Capricornus and Volans fields, which are located just 15 kilometers apart, to streamline infrastructure and reduce costs.
The company is also analyzing new seismic data to the north of its block, which could unlock additional prospects along the Sagittarius trend.
Rhino, which partners with BP-Eni–backed Azule Energy, plans to make its own FID by late 2026 or early 2027 for what it calls a “fast-track” development project.
According to Smithard, several Floating Production Storage and Offloading (FPSO) operators have expressed readiness to deliver a vessel by 2030, potentially enabling first oil within the decade.
Competitive Edge and Expansion Plans
Smithard noted that Capricornus’s shallower water depth and lower gas-to-oil ratio compared to Total’s Venus field could make Rhino’s project simpler and faster to develop, with less subsea infrastructure required.
Beyond Namibia, Rhino Resources holds onshore exploration licenses in five South African blocks and continues to seek new investment opportunities across Africa and other regions.
“The geology is critical, but we also weigh above-ground risks carefully when making investment decisions,” Smithard emphasized.
Rhino’s 2025 drilling campaign could mark a defining step in Namibia’s emergence as Africa’s next offshore energy hub, signaling growing competition among international and regional players for one of the continent’s most promising new oil frontiers.
