bp confirms discovery in Namibia’s Orange basin
bp can confirm the preliminary results of the Volans-1X exploration well in Namibia’s Orange Basin, as reported by operator Rhino Resources.
Petroleum Exploration License 85 (PEL85), where the well was drilled, is operated by Rhino Resources with a working interest of 42.5%. Co-venturers are Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%). bp holds a 50% interest in Azule Energy.
The Volans-1X exploration well, drilled using the Northern Ocean’s semi-submersible Deepsea Mira, reached a total depth of 4,497.5m TVDSS (true vertical depth subsea) and successfully penetrated the Upper Cretaceous target. The well encountered 26m of net pay in rich gas condensate-bearing reservoirs, with the reservoir showing excellent petrophysical properties and no observed water contact. Initial laboratory analysis of two samples indicated a high condensate-to-gas ratio (CGR) of >140 bbl/mmscf with liquid density of approximately 40° API gravity. The results are undergoing further evaluation.
The Volans-1X well marks the third significant hydrocarbon discovery in 2025 for Azule Energy partners, following the Capricornus-1X light oil find in Namibia and the Gajajeira-01 gas discovery in Angola. bp has made eleven exploration discoveries this year across several basins, including the Far South discovery in the Gulf of America and well 1-BP-13-SPS at the Bumerangue block in Brazil’s Santos Basin, where it holds 100% participation.
Cautionary statement
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement. This press release contains certain forecasts, projections and forward-looking statements – that is, statements related to future, not past events and circumstances – with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘targets’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. In particular, the following, among other statements, are all forward looking in nature: plans, expectations and assumptions regarding oil and gas demand, supply, prices or volatility; expectations regarding reserves; expectations regarding production and volumes; and expectations and plans for future final investment decisions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results or outcomes, may differ materially from those expressed in such statements, depending on a variety of factors, including changes in public expectations and other changes to business conditions; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; wars and acts of terrorism, cyber-attacks or sabotage; and the risk factors discussed under “Risk factors” in bp’s most recent Annual Report and Form 20-F as filed with the US Securities and Exchange Commission and in any of our more recent public reports. Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.