Capricornus 1-X Oil Discovery Sets Namibia on Path to Global Energy Leadership

The Capricornus discovery builds on recent momentum in the Orange Basin, following the landmark Venus and Graff finds.

Namibia's status as an emerging energy powerhouse has been dramatically reinforced following the successful discovery of light oil at the Capricornus 1-X exploration well in offshore Block 2914A. Announced on April 24, 2025, this major find is being hailed by the African Energy Chamber (AEC) as a transformative milestone in the nation's energy journey—one that cements the Orange Basin as a globally significant petroleum province and positions Namibia to become a leading energy producer on the African continent.

The Capricornus 1-X well, operated by Rhino Resources in partnership with Azule Energy, Namibia’s state oil company NAMCOR, and Korres Investments, uncovered 38 meters of high-quality net pay. Notably, this pay zone exhibits strong petrophysical properties, shows no water contact, and achieved flow rates exceeding 11,000 barrels of oil per day during testing. This high-performance output confirms the existence of a commercially viable light oil system—placing Capricornus 1-X among the most significant hydrocarbon discoveries in Namibia's history.

The Orange Basin: A World-Class Frontier for Energy Development

The Capricornus discovery builds on recent momentum in the Orange Basin, following the landmark Venus and Graff finds. With a 37° API light oil grade, low carbon dioxide content, and no hydrogen sulfide, the well’s characteristics mirror those earlier discoveries, underscoring the region's growing promise as a major upstream oil and gas frontier.

The Orange Basin now commands heightened attention from global energy players, as the Capricornus 1-X results demonstrate the basin's potential to rival other prolific oil provinces globally. The AEC has long touted Namibia’s favorable geology, and this success serves as critical validation of those claims.

"This discovery boosts investor confidence and paves the way for rapid development. Namibia is poised to lead Africa’s energy future, with this marking just the beginning," said NJ Ayuk, Executive Chairman of the African Energy Chamber.

A Model for African Energy Partnerships

The success of the Capricornus 1-X well illustrates the effectiveness of collaborative partnerships between national and international entities. By combining the operational capabilities of Rhino Resources and Azule Energy with NAMCOR's national vision and Korres Investments’ strategic support, the project demonstrates what is possible when African institutions unite with experienced global operators.

Moreover, it showcases the strength of Namibia’s investment environment—characterized by a stable regulatory regime, investor-friendly licensing terms, and robust governance structures. These factors create an ideal backdrop for long-term energy development and help attract further investment from international oil companies, financiers, and technology providers.

Catalyzing a New Wave of Investment and Development

The implications of the Capricornus 1-X discovery stretch far beyond this single well. It is expected to stimulate increased exploration activity across the Orange Basin and beyond, triggering a surge in seismic surveys, appraisal drilling, and early infrastructure planning. The AEC anticipates accelerated project timelines and the launch of full-scale development initiatives as stakeholders race to unlock the basin’s potential.

In addition to upstream investment, Namibia’s broader energy ecosystem stands to benefit. Opportunities in logistics, field services, engineering, and training are expected to expand as exploration efforts scale up. The positive results also bolster regional energy security goals, positioning Namibia as a potential supplier to both domestic and export markets.

Strategic Timing Amidst Global Energy Shifts

The Capricornus 1-X success comes at a time when the global energy landscape is rapidly evolving. As international markets seek to balance energy security, affordability, and sustainability, African oil and gas resources are increasingly seen as critical components in the global mix. Namibia’s light oil reserves—coupled with their low emissions profile—could play an important role in ensuring secure energy supplies while supporting local economic development.

The AEC urges policymakers, investors, and industry stakeholders to act boldly and decisively in the wake of this discovery. As Ayuk emphasized, “This is the time to double down on investment, support new entrants, and ensure that African oil and gas continues to play a critical role in meeting global demand, funding local development, and securing the continent’s energy future.”

Looking Ahead: Namibia’s Rising Energy Future

As Namibia steps into the spotlight, the nation has a rare opportunity to harness its natural resources to generate broad-based prosperity. With a long-term vision, strong public-private collaboration, and sustained investment, Capricornus 1-X could become a cornerstone of Namibia’s economic transformation.

The African Energy Chamber’s endorsement is both a celebration of success and a call to action: Namibia’s upstream sector is rising, and Capricornus 1-X is proof that bold exploration strategies in Africa deliver tangible, world-class results.