BP has announced a major milestone in its exploration programme off the coast of Namibia, in partnership with Eni SpA through their joint venture Azule Energy. The discovery, made at the “Capricornus 1-X” well in Block PEL 85, within the Orange Basin, has revealed a high-quality light oil reservoir exhibiting very promising initial results.

Key Highlights

• The Capricornus 1-X well was spudded on 17 February 2025 and reached total depth on 2 April 2025, targeting the Lower Cretaceous formation.
• The well encountered approximately 38 metres of net pay in the primary target zone with excellent petrophysical properties and no observed water contact.
• A production test carried out on the interval delivered a surface‐constrained flow rate in excess of 11,000 stock tank barrels per day (stb/d) via a 40/64” choke.
• The oil is characterised as light (approximately 37° API), with very low associated gas (CO₂ < 2 %) and no detectable hydrogen sulphide (H₂S).
• The licence owner and operator is Rhino Resources Ltd (42.5% working interest), with Azule Energy holding 42.5%, NAMCOR (the Namibian national oil company) 10%, and Korres Investments 5%. Azule Energy is 50% owned by BP and 50% by Eni.
• The discovery reinforces the growing significance of Namibia’s offshore Orange Basin as a major emerging hydrocarbon province.

Strategic Implications

BP and its partners are now evaluating the next phases of development, including further appraisal, reservoir modelling and the potential for early production. While an exact timetable has yet to be finalised, BP and its JV partners are working to accelerate the technical studies and economic analyses with a view to reaching a commercial decision as conditions allow.

For Namibia, this find adds to a series of recent offshore discoveries — strengthening the country’s ambition to become a producer of crude and gas resources. The collaboration between international majors and NAMCOR underlines the alignment of interests in the region.

KeyFacts Energy: Azule Namibia country profile    l   KeyFacts Energy: Discovery news