Rhino Resources Completes Landmark Drilling in Namibia’s Orange Basin, Boosting Oil Exploration Efforts
Rhino Resources Completes Landmark Drilling in Namibia’s Orange Basin, Boosting Oil Exploration Efforts
Rhino Resources, a South African-owned oil exploration company, has completed its first exploration well in Namibia’s Orange Basin. This marks a significant milestone in the company’s expansion into Namibia’s burgeoning upstream oil sector.
Exploration Campaign Details
In early 2025, Rhino Resources initiated drilling operations in Namibia’s Orange Basin, focusing on Block 2914A under Petroleum Exploration License 85. The company holds an 85% stake in this block, with minority interests held by Korres Investments (5%) and Namibia’s national oil company, NAMCOR (10%). The drilling campaign targets shallow water sites within the block, situated less than 20 kilometers from Galp’s Mopane discovery, which has been instrumental in sparking heightened interest in the basin. citeturn0search0
Economic Impact
The drilling campaign is expected to inject approximately N$70 million (US$3.75 million) per month into the local economies of Lüderitz, Walvis Bay, and other areas where contractors will be based. This local expenditure will encompass a variety of services, including hotels, accommodation, logistics, and fuel costs, thus fostering substantial economic benefits for these communities. citeturn0search2
Strategic Partnerships
In May 2024, Rhino Resources entered into a strategic farm-in agreement with Azule Energy, a joint venture between BP and Eni. This agreement grants Azule Energy a 42.5% interest in Block 2914A and underscores the prospectivity of the Orange Basin, highlighting the growing international interest in Namibia’s offshore oil and gas opportunities. citeturn0search7
Future Outlook
Rhino Resources plans to drill up to 10 exploration and appraisal wells in Block 2914A, depending on the success of the initial campaign. The project is expected to inject an estimated N$1.8 billion (US$94 million) into the local economy, further bolstering Namibia’s position as a significant player in the global oil and gas industry. citeturn0search3
The completion of the first exploration well in the Orange Basin marks a significant milestone for Rhino Resources and underscores the growing international interest in Namibia’s offshore oil and gas opportunities.
References: miningandenergy.com.na , mediapadafrica.com, namibiaoilandgas.com , energynew.africa.
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