Rhino Resources Expands Namibia Offshore Program, Targets First Oil by 2030
Rhino Resources has extended its offshore drilling campaign in Namibia after amending its contract with Northern Ocean Ltd (NOL) to include an additional firm well test on the Deepsea Mira rig.
The contract amendment adds 28 days to the firm term and will be executed before the three optional wells already scheduled under the existing agreement.
The Deepsea Mira, owned by Northern Ocean and operated by Norwegian drilling company Odfjell Drilling, has been active offshore Namibia since earlier this year.
“As a result, the firm term of the contract has been extended by a total of 28 days. This additional well test will take place prior to the existing three optional wells,” Northern Ocean confirmed.
The move supports Rhino Resources’ appraisal and testing programme, designed to accelerate recent discoveries toward first oil production by 2030.
Next year, the company plans to drill an appraisal well and conduct a flow test offshore Namibia, focusing on the Capricornus prospect, where light oil has previously flowed at 11,000 barrels per day. A drill stem test is also scheduled for Volans, Rhino’s latest high liquid-yield gas condensate discovery.
Data from both Capricornus and Volans will inform Rhino’s broader development strategy, as the company accelerates timelines amid regional competition, particularly from TotalEnergies, which is expected to reach a final investment decision (FID) on its Venus field next year.
Rhino is also evaluating the potential for co-developing Capricornus and Volans, which are located approximately 15 kilometres apart, and plans to acquire additional seismic data to explore the Sagittarius trend further north.
In partnership with Azule Energy, the BP–Eni joint venture, Rhino aims to achieve its own FID by late 2026 or early 2027.
The company has already engaged with FPSO suppliers, who have indicated that a production unit could be ready in time for first oil by 2030.
Future developments are expected to be more cost-efficient, given Capricornus’s shallower depth and lower gas-to-oil ratio compared with the nearby Venus field, providing Rhino with a competitive advantage in Namibia’s growing offshore sector.
