ZACKS·2025-10-21 19:56Core Insights - BP plc has made a significant hydrocarbon discovery in the Orange Basin offshore Namibia, confirmed through the Volans-1X exploratory well [1][7] - The well encountered 26 meters of net pay with rich gas condensate and demonstrated excellent reservoir properties, indicating high commercial potential [2][7] Discovery Details - The Volans-1X well was drilled to a total true vertical depth subsea of 4,497.5 meters, reaching the Upper Cretaceous geological formation [2] - The well showed a high condensate-to-gas ratio exceeding 140 barrels per million standard cubic feet (bbl/mmscf), indicating a liquid-rich gas composition [2] Partnership and Operations - Rhino Resources operates the PEL85 with a 42.5% working interest, alongside partners Azule Energy (42.5% WI), NAMCOR (10% stake), and Korres Investments (5% stake) [3][7] - Azule Energy is a joint venture between BP and Eni, which has previously made significant discoveries in Africa [3] Regional Context - The Orange Basin is emerging as a hotspot for global energy majors, with several major oil companies making discoveries in the region [4] - Namibia aims to replicate the success of Guyana, which has seen a significant oil boom, although it faces challenges due to underdeveloped infrastructure [4]