The rig will begin operations this month. (Image source: Northern Ocean)

The Deepsea Mira by Northern Ocean will be deployed starting this month for Rhino Resources' operations offshore Namibia

Besides one firm well for Rhino, the rig will also be working for one firm well for another operator and three optional wells. The estimated firm duration adds up to 112 days at a projected value of approximately US$40mn.

High demand for the rig will generate nearly US$395-412mn in backlog for Northern Ocean. 

Through its collaboration with Rhino and Halliburton, which have a long-standing presence in Namibia, the company aims to leverage its impact in advancing local content in the region. 

“This agreement will ensure Deepsea Mira continues its operations in Namibia, following its successful campaign with Total. It also serves as a testament to the substantial local content NOL has built over time – an effort strongly supported by the Namibian government. Most notably, NOL together with its operator Odfjell Drilling Ltd., remain the only drilling contractor with ongoing operations and a continuous presence in Namibia over the past two years,” said Arne Jacobsen, chief executive officer of NOL.

Rhino's chief executive officer, Travis Smithard, calls the Deepsea Mira a rig of opportunity with high local content, and it remains a strategic contract for the company to advance its upstream ambitions in Namibia. “We are pleased to partner with Northern Ocean and utilise the Deepsea Mira rig for the drilling of the Volans-1X exploration well – the third successive well to be drilled on PEL85 by Rhino and its partners NAMCOR, Korres Investments, and Azule Energy. We look forward to collaborating with our service company partners, Northern Ocean, Exceed, and Halliburton, to ensure the safe and successful execution of this exciting exploration well,” he said. 

Antoine Berel, vice president in Halliburton for sub-Saharan Africa, said, “We are excited to collaborate with Rhino and NOL and Odfjell Drilling to support the upcoming campaign, as we share the same value and commitment toward Namibia’s in-country value development and capacity building.”

bp and Shell signed agreement with NOC Libya on separate instances. (image source: NOC Libya)

bp has announced the reopening of its office in Tripoli by the year-end as it plans to resume operations in Libya, and manage projects from the ground 

This development was made official by a memorandum of understanding established at a signing ceremony in London, where the chairman of the National Oil Corporation of Libya, Masoud Suleman acknowleged the renewed partnership with the British oil major. 

The MoU will enable bp to study hydrocarbons potential in not only the Messla and Sarir fields but also in the adjacent areas. 

Suleman assured consistent support and assistance for bp's reestablishment in the region, while calling for cooperation and training technical and leadership staff in Libya’s oil sector. 

Meanwhile, another oil major, Shell, will be doing a comprehensive technical and economic feasibility study to develop the al-Atshan field, and check its hydrocarbons prospects. The agreement with NOC Libya also gives Shell rights to explore other NOC-owned fields that do not involve any third parties. 

Also read: 

Libya eyes production boost 

Afreximbank remains a longstanding financial partner to Oando PLC. (Image source: Afreximbank)

Oando Oil Limited is now closer to its production goals as African Export-Import Bank (Afreximbank) completes upsizing its reserve-based lending facility in favour of the oil and gas company for US$375mn

The company’s pay down of the original US$525mn facility, secured in 2019, to US$100mn in 2024 created significant headroom for refinancing and enhancing Oando’s financial flexibility.

Alongside Afreximbank, the upsizing was also supported by Mercuria Asia Resources PTE Limited (Mercuria). This will advance Oando’s strategic capital management, aiding the company's ambition to achieve production of 100,000 barrels of oil per day and 1.5 bn cu/ft of gas per day by the end of 2029, effectively boosting Nigeria’s oil output and reinforcing the country’s position in the global energy market.

The upsizing will also lead to local economic growth by creating jobs, upgrading infrastructure, and fostering technological advancements in the oil and gas sector.

“We are pleased to have completed the upsizing of our RBL facility, a strategic milestone that reinforces our commitment as Operator of the Oando-NEPL JV to maximising the value of our expanded asset portfolio. Our Joint Venture holds extensive reserves with the potential to generate over US$11bn in net cash flows to Oando over the assets’ life. This working capital facility is a critical enabler towards efficiently extracting and monetising these resources. We appreciate the continued partnership of Afreximbank and Mercuria, whose unwavering support underscores their alignment with our long-term focus on maximizing production, optimizing asset performance, and delivering sustainable value to all stakeholders,” said Wale Tinubu, group chief executive, Oando PLC and executive chairman, Oando Energy Resources.

“Afreximbank remains a longstanding financial partner to Oando PLC and its affiliates and has consistently supported the company’s growth and expansion initiatives. We are delighted that Mercuria, one of the world’s largest independent energy and commodities groups and one of our partners, has brought its global expertise and financial backing to the transaction, further strengthening Oando’s ability to execute its production growth strategy,” said Haytham Elmaayergi, executive vice president, Global Trade Bank, Afreximbank, as he stressed on Afreximbank's focus in promoting local content in the region's oil and gas sector. 

The Cabora Bassa Project will be receiving National Project Status (NPS). (Image source: Adobe Stock)

Invictus Energy Limited's Petroleum Production Sharing Agreement (PPSA) for its 80%-owned and operated Cabora Bassa Project in Zimbabwe has been consolidated with the Petroleum Exploration Development and Production Agreement (PEDPA) to ensure long-term results 

This comes following close cooperation with the relevant line ministries to finalise the terms of the PPSA. The consolidation will ensure robust, balanced, and transparent agreement that meets international standards.

The Cabora Bassa Project will be receiving National Project Status (NPS) from the Ministry of Finance, recognising its potential to deliver broad-based economic benefits, attract foreign investment, and create employment. This will unlock for Invictus a suite of fiscal and non-fiscal incentives including duty exemptions, fast-tracked permitting, and streamlined access to key infrastructure and services.

Invictus is progressing the contracting and procurement of long lead items and critical services in preparation for the Musuma-1 exploration well, scheduled to spud in the second half of 2025.

Mthuli Ncube, Zimbabwe's Minister of Finance, said, “The Cabora Bassa Project is a nationally significant development, and we are working closely with Invictus to finalise the PPSA and ensure a transparent, fair and commercially sound agreement. The Government looks forward to the successful formalisation of National Project Status and the long-term benefits the project will bring to Zimbabwe.”

Invictus managing director, Scott Macmillan, said, “We are greatly encouraged by the Government’s continued support and the positive momentum towards finalising the PPSA. The Ministry of Finance’s agreement to provide National Project Status is a key milestone, and we look forward to completing the formalities in due course. We remain on track with preparations for Musuma-1 and are excited about the next phase of activity at Cabora Bassa.”