Oil & Gas

Namibia’s offshore energy ambitions took a major leap forward with the confirmation of a significant oil discovery by Eni and its partners in the Orange Basin. The Capricornus 1-X well, drilled under Petroleum Exploration License 85 (PEL85), reached total depth in early April after being spudded on February 17 using the Noble Venturer drillship. This successful operation reinforces Namibia’s position as a rising offshore exploration hotspot with strong geological promise.

The well encountered 38 meters of net oil pay with excellent reservoir quality and no water contact—key indicators of a commercially viable field. A production test yielded over 11,000 barrels per day on a constrained choke, suggesting even greater potential under full development. The light oil, with an API gravity of 37° and minimal impurities, further increases its market appeal, making it both economically and environmentally attractive.

PEL85 is operated by Rhino Resources with backing from major players like Azule Energy (a joint venture between Eni and bp), Namcor, and Korres Investments. This balanced partnership brings global expertise and local commitment, setting the stage for future investment and development. With the well now temporarily plugged, data analysis and planning are underway for the next phase—highlighting the basin’s long-term potential and making it a key focus for investors seeking high-impact energy opportunities.