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Riviera – News Content Center

Chevron’s decision to expand its presence in Namibia comes on the heels of a prolific oil discovery by Portuguese multinational Galp Energia in Namibia’s Orange Basin.

With the first phase of exploration completed on Galp’s PEL 83 Petroleum Exploration License of the Mopane field, Galp estimated the field could contain almost 10 billion barrels of oil. Galp CEO Filipe Silva said the discovery could underpin the company’s growth ambitions “for decades.”

As operator of PEL 83, Galp Energia holds an 80% stake; Its partners, the Namibia National Petroleum Corporation (NAMCOR) and Custos Energy own 10% each. Sintana Energy, a publicly traded Canadian oil and gas exploration specialist, holds an indirect stake in PEL 83 through its subsidiary Custos Energy.

Sintana will have a similar involvement in Chevron’s efforts at PEL 82. Chevron Namibia Exploration Ltd, a subsidiary of Chevron, is working with NAMCOR and Custos Energy, a subsidiary of Sintana Energy, on blocks 2112B and 2212A of PEL 82 located in the Walvis Basin. . The area is considered one of the most attractive opportunities in the basin and has been extensively studied.

Two wells, Murombe-1 and Wingat-1, have been drilled in PEL 82, and both confirmed the presence of the Barremian-Aptian oil-prone source rock (Kudu shale).

“This is one of the most advanced and exciting opportunities offshore Namibia outside the Orange Basin,” said Custos president and CEO Knowledge Katti, also a director of Sintana. “We are pleased to see our efforts over the last decade on PEL 82 result in this important step forward, further adding to Namibia’s world-class offshore opportunity,” he added.

Contracts

ADES Holding has received an award letter for a jack-up from an anonymous client, described only as “one of the main international oil companies.”

The one-year firm term will allow the lift to operate in Qatar with three optional six-month extensions for a total of 18 months and the contract is valued at approximately SAR350 million (US$93 million).

Operations are expected to begin in the second half of the year using one of ADES’ jackup drilling units. Readers will recall that ADES was among the drilling operators affected when Saudi Aramco issued cancellation notices for 18 drilling rigs last month.

The company said the latest award will help maintain its market share in Qatar with a three-rig operation after Emerald Piercing moves to Indonesia to work for Pertamina in the Java Sea, later this year.

Dolphin Drilling has terminated its rig agreement with Nigerian company General Hydrocarbons Ltd (GHL) citing non-compliance with a payment plan. The semi-submersible Blackford Dolphin began drilling for GHL in March 2023. In November 2023, the contractor disclosed that GHL was owed $17 million in previous payments along with a partial payment from GHL and a proposed payment plan related to the remaining payments due. . In 2024, the company received two installments.

The two companies reached an agreement in March 2024 to allow Dolphin Drilling to receive payment of all sums due under the contract and to allow GHL to use Blackford Dolphin before the platform moves to India to start working for Oil India Ltd.

The next payment according to the plan was to be made at the end of April 2024. But since the payment conditions were not met, Dolphin terminated the contract and will prepare Blackford Dolphin to transit to India. Dolphin Drilling stated that it intends to recover the sums owed by GHL.

Oslo-based BW Energy has reached a $150 million deal with a Chinese financial institution to sell and lease a mobile marine production unit working at its Dussafu Marine block in Gabon.

Minsheng Financial Leasing Co will take over the MaBoMo production facility that handles oil and gas from the Hibiscus-Ruche project offshore Gabon. The agreement will provide $150 million of gross sales revenue under a 10-year lease term with an option to repurchase the unit beginning at the end of the seventh year.

The transaction frees up $110 million of liquidity for BW Energy, in line with the operating interest in the license. (BW Energy has a 73.5% interest in the Dussafu permit offshore Gabon, with its partner Panoro holding the remaining interest.)

And last week, BP shut down its Azerbaijan-based Gunashli deepwater platform for maintenance work for 15 days. The platform operates in the Azeri-Chirag-Gunashli (ACG) block off the coast of Azerbaijan. The planned maintenance works are part of ACG’s annual work programme.

The British oil major said it will complete projects such as valve replacement, nucleonic source replacement and necessary repair work to be carried out during the TAR, as part of normal operations.

Located on the eastern side of the Gunashli field in 175 m water depth, the Deepwater Gunashli complex is the third phase of development of the ACG field in the Azerbaijan sector of the Caspian Sea and has been producing oil since April 2008.