Eni Announces Oil Discovery in the Orange Basin of Namibia
Rhino Resources and Eni recently confirmed oil discovery, together with petroleum exploration platforms, after using a drillship provided by Noble Corporation. This is a promising discovery that strengthens Namibia to become a new frontier, with the first oil production set for 2029-2030. Rhino Resources holds 42.5% of the working interest in the area.
Co-venturers such as Azule Energy, which operates a joint venture between BP and Eni, also hold 42.5% of the stake. Korress Investments and NAMCOR have 10% and 5% respectively, leading to collective success.
The Initial Testing and Discovery
The Caprocorus 1-x exploration well is found on Block 2914A, in the Orange Basin which is just offshore of Namibia. The well was spudded using the Noble Venturer drillship on the 17th of February and reached its final depth on the 2nd of April. At that point, the drill reached the Lower Cretaceous target, where it found 38m of net pay.
Upon inspection, the oil reservoir showed proper petrophysical properties. No water contact was observed upon review. Sidewall cores and hydrocarbon samples were collected using high-tech wireline operations in an attempt to gather more data.
Aside from the wireline exploration, the discovery team conducted a production test over the reservoir. It was found that the surface had an excess flow rate of 11,000 stb/d while positioned on a 40/64” choke.
The oil discovered was light, rated at an average of 37° API. Upon testing, it showed limited associated gas, with no hydrogen sulphide in its formulation and less than 2% CO2 within the oil.
Laboratory studies are still underway, with experts conducting studies on the samples they collected. For now, the well will be plugged and temporarily abandoned. The venturers will also release the rig until further notice.
