Rhino Resources races TotalEnergies to first oil in Namibia

Image credit: Delfino Barboza on Unsplash

The new data will help guide the company as it looks to fast-track its discoveries offshore Namibia, where TotalEnergies expects to take a final investment decision (FID) on its Venus field next year.

"There's a fair amount of uncertainty at this stage, not because of the quality of discoveries, but more because we have such optionality on our hands, we want to make sure we make the right decision for the right reason," CEO Travis Smithard said.

He was speaking to Reuters at Rhino Resources' headquarters in Cape Town.

Options include possibly co-developing Capricornus and Volans, which are only 15 km (9 miles) apart, he said, as the company also looks at buying new seismic data to the north of its block that could unlock the Sagittarius trend.

Rhino Resources, which is in a joint venture partnership with BP-Eni-backed Azule Energy, aspires to take its own FID on its fast-track development by the end of 2026 or the first quarter of 2027, he said.

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"We're also being told by various Floating Production Storage and Offloading (FPSO) owners and builders that there is a very strong possibility of being able to get an FPSO ready and commissioned for first oil in 2030."

Future developments of Rhino's discoveries could be much simpler, Smithard said, as the Capricornus discovery was in shallower waters, possibly requiring less subsea infrastructure, and it has a lower gas-to-oil ratio than Total's Venus.

Besides Namibia, Rhino also holds onshore acreage in five blocks across South Africa and is actively looking for new investment opportunities across the continent and elsewhere.

"The geology is fundamental, but the above-ground risk is also critical and something that we consider strongly when making investment decisions."