Recent developments
Upstream discoveries
Rhino Resources’ Volans-1X exploration well in Namibia's Orange Basin encountered 26 m net pay in gas‑condensate reservoirs with >140 bbl/mmscf CGR and ~40° API, no water contact reported. PEL85 partners include Azule Energy, NAMCOR, and Korres; bp holds 50% of Azule. The result is the third material 2025 find for Azule partners across Namibia and Angola.
Deepwater production start
Equinor and partners commenced production at the Bacalhau field in Brazil’s Santos Basin (pre-salt, >2,000 m water depth). Phase 1 targets 19 wells via a 220 kbpd FPSO using combined‑cycle gas turbines, with reported CO₂ intensity around 9 kg/boe. Ramp-up continues into 2026; MODEC operates initially before handover to Equinor.
Market and financials
The BP Q3 2025 trading update points to higher upstream production, flat oil realizations, and stable net debt near $26 billion, despite hybrid redemption and higher cash taxes. Expected impairments are $0.2–0.5 billion. Benchmarks averaged Brent $69.13/bbl, Henry Hub $3.07/mmBtu, and BP RIM $15.8/bbl in Q3.
Petchem feedstock view
If developed, Namibia’s gas‑condensate could increase condensate splitter and naphtha availability, while Bacalhau’s oil adds Atlantic Basin barrels. Q3 markers (Brent ~$69/bbl, Henry Hub ~$3/mmBtu) may influence cracker feedstock choices, with outcomes depending on project timing, regional logistics, and realized product yields.