France’s energy giant TotalEnergies has kicked off drilling activities at an exploration well close to previously made light oil discovery in the prolific Orange Basin off the coast of Namibia with a semi-submersible rig owned by Northern Ocean and managed by Odfjell Drilling.
Deepsea Mira rig; Source: Odfjell Drilling
The Deepsea Mira rig, which has been working with TotalEnergies under a multi-country drilling contract since December 2022, secured the first extension with the French oil major in late 2023, followed by another extension for one well, with an additional well option. Last year, the rig worked offshore Namibia to appraise the Venus light oil discovery.
As the appraisal of the giant Venus light oil accumulation via the drilling and testing of the Venus-1X ST, Venus-1A, Venus-2A, and Mangetti-1X appraisal wells has been completed, wheels are in motion to progress the first development area, with a Phase 1 development scheme expected to be finalized by the end of 2025.
Two 3D seismic acquisition programs have been carried out during 2024, which is anticipated to enable most of the blocks 2913B and 2912 licensed areas to be covered by 3D seismic, facilitating the potential to discover significant additional resources via follow-on high-impact exploration drilling. TotalEnergies resumed exploration drilling on Block 2913B on October 20 with the spudding of the Tamboti-1X exploration well, which is described as a 1 billion barrel target.
The drilling activities are undertaken with the Odfjell Drilling-managed DeepSea Mira rig north of the Venus accumulation and close to the Mangetti-1X discovery. This is an enhanced and extended CS 60 E harsh environment design semi-submersible delivered by Hyundai Heavy in South Korea.
These drilling operations began before Saipem’s Santorini drillship commenced Galp’s second exploration and appraisal program in the Orange Basin where oil discoveries were made during the first campaign within license PEL 83 off the coast of Namibia, close to discoveries made by Shell and TotalEnergies.
Gerard Walsh, Chairman of Westmount Energy, whose investee company Africa Oil Corp. (AOC) holds 32.4% in Impact Oil & Gas, commented: “The announcement by our investee AOC that exploration drilling has recommenced on Block 2913B with the spudding of a 1bn bbl prospect at Tamboti-1X to the north of the giant Venus accumulation, and potential follow-on drilling to the south of Venus, is good news.
“It confirms our view that the Orange basin is a major emerging, prolific, hydrocarbon province and that Blocks 2913B and 2912 contain a prospect inventory with the potential for significant resource additions to that which has already been discovered at Venus and Mangetti. This exploration drilling is taking place in parallel with progress on the Phase 1 development scheme for Venus which is expected to be finalised by the end of 2025.”
After AOC’s Impact wrapped up the farm-down of its interests in blocks 2912 and 2913B with TotalEnergies, the firm got a cash payment of around $99 million (back costs) and retained 9.5% interest in each block. The company is fully ‘loan carried’ for all remaining exploration, appraisal, and development costs, with no cap, through sales proceeds from the first oil.
The carry loan is repayable from a share of Impact’s after-tax cash flows, and net of all joint venture costs, including capital expenditures, from production on the blocks. While TotalEnergies owns a 45.25% interest in block 2913B, containing the Venus discovery, and a 42.5% interest in block 2912, Impact retains a 9.5% interest in each license. Other partners include QatarEnergy and NAMCOR, the Namibian state oil company.
“Further to the completion of the Impact/TotalEnergies transaction, the AOC/Impact share of all of this exploration, appraisal and development work is now funded by an interest free ‘loan carry’, with no cap. Westmount’s shareholding in AOC offers continuing exposure to an exciting funded program of high impact drilling in the Orange Basin and we look forward to further newsflow in this regard,” added Walsh.
The PEL 56, encompassing block 2913B, is located offshore southern Namibia and covers approximately 8,215 km² in water depths between 2,450 m and 3,250 m. On the other hand, the PEL 91, entailing block 2912, is adjacent and to the west of block 2913B, covering an area of approximately 7,884 km2 in water depths between 3,000 m and 3,950 m.
Meanwhile, the Deepsea Bollsta rig, which is one of Northern Ocean’s two sixth-generation semi-submersibles managed by Odfjell Drilling and expected to sport Kinetic Pressure Control’s kinetic blowout stopper (K-BOS), recently began its appraisal assignment in Africa following a new short-term job offshore Ghana.
After arriving at Springfield E&P‘s Afina discovery at the WCTP-2 offshore block in Ghana a few days ago, the rig embarked on appraisal activities at the Afina-1x well.
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