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Galp, the operator of Petroleum Exploration License (PEL) 83 in Namibia’s Orange Basin has signed a N$911 million ($50 million) contract with SFL Corporation for the semi-submersible rig Hercules.
Galp, the operator of Petroleum Exploration License (PEL) 83 in Namibia’s Orange Basin has signed a N$911 million ($50 million) contract with SFL Corporation for the semi-submersible rig Hercules.
The contract is for two wells plus optional well testing and is expected to start in the fourth quarter of 2023. The duration is approximately 115 days, including mobilization to Namibia.
The Hercules is currently undergoing a special survey in Norway before its mobilization to Canada for a contract with ExxonMobil, before starting transit to Namibia. The new contract illustrates the attractiveness and versatility of Hercules as a harsh environment oil exploration and development rig for the international market. With increasing demand and few available drilling rigs with Hercules’ capabilities. The contract marks the third secured by Odfjell Drilling for work in Namibia, a company responsible for managing and marketing the rig.
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Galp operates PEL 83 with an 80% interest, while Namibia’s National Petroleum Corporation has 10%, and Custos Energy, half-owned by Sintana, has a 10% stake.PEL 83 is north of PEL 39, home to Shell’s basin-opening discoveries at Graff-1, La Rona-1, and Jonker-1. It is also situated north and west of PEL 56, where TotalEnergies announced its giant oil discovery at Venus-1. Both Shell and Total continue to progress exploration and appraisal activities on their blocks with active 2023.
