BP confirms oil and gas discovery in Namibia’s offshore Orange Basin

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BP (NYSE:BP [https://seekingalpha.com/symbol/BP]) on Monday confirmed [https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-confirms-discovery-in-namibias-orange-basin.html] an oil and gas discovery in Namibia's offshore Orange Basin that African energy explorer and operator Rhino Resources had reported earlier this month, an area where other major oil companies have made several major discoveries in recent years.

BP (NYSE:BP [https://seekingalpha.com/symbol/BP]) said the Volans-1X exploration well encountered 26 meters of net pay in rich gas condensate-bearing reservoirs, with the reservoir showing excellent petrophysical properties and no observed water contact, and initial laboratory analysis of two samples indicated a high condensate-to-gas ratio.

The Volans-1X well marks the third significant hydrocarbon discovery in 2025 for Azule Energy, following the Capricornus-1X light oil find in Namibia and the Gajajeira-01 gas discovery in Angola.

Namibia hopes to become the next Guyana in terms of oil production, but it lacks infrastructure to fast-track the area's recent discoveries, which make them more expensive and difficult to develop and monetize.

Petroleum Exploration License 85, where the well was drilled, is operated by Rhino Resources with a 42.5% working interest, with partners Azule Energy - owned 50-50 by BP (BP [https://seekingalpha.com/symbol/BP]) and Eni (E [https://seekingalpha.com/symbol/E]) - also with a 42.5% interest, as well as NAMCOR and Korres Investments.

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