Namibia has made a significant offshore oil discovery in the Orange Basin, located off its southern coast. The National Petroleum Corporation of Namibia (NAMCOR) announced the discovery on Thursday, citing a successful exploration effort on Block 2914. The discovery was made at the Capricornus 1-X well, a project led by Rhino Resources, the operator of the exploration venture.
Rhino Resources confirmed the successful identification of hydrocarbons, specifically light oil, in the well. Travis Smithard, the Chief Executive of Rhino Resources, shared that the comprehensive wireline and drill stem testing programs had demonstrated the existence of a high-quality light-oil bearing reservoir, with no signs of water contamination. This makes the discovery particularly promising, as it suggests the potential for commercially viable oil production.
This discovery is expected to boost Namibia’s position in the global energy market. NAMCOR emphasized its commitment to supporting the country’s ambitions to emerge as a key player in the energy sector. The company highlighted the importance of strategic partnerships and technical excellence in advancing Namibia’s upstream potential. This oil find not only underscores the country’s untapped energy resources but also marks a significant step towards increasing its contribution to global energy production.
The Orange Basin, where the discovery was made, has long been regarded as a promising area for oil exploration. This new find could pave the way for further exploration in the region, potentially unlocking more reserves. It is also expected to bring economic benefits, including job creation and increased foreign investment, while enhancing Namibia’s energy security.
As Namibia continues to explore its offshore oil resources, this discovery adds to a growing list of successful energy projects in the region. The global energy market is closely watching Namibia’s next steps, as the country moves forward with its plans to develop and capitalize on its newfound oil reserves.
