Hercules oil rig arrives at Walvis Bay
The Hercules semi-submersible oil rig has arrived at the coast. The rig, which boasts a state of the art, highly efficient drilling system, will drill in PEL 83.
The National Petroleum Corporation of Namibia (Namcor) welcomed the arrival of the Hercules semi-submersible rig last week.
The rig arrived at Walvis Bay last Tuesday.
The Hercules rig has been contracted by Galp Energia, operating in a consortium with Namcor and Custos Investments.
Galp holds an 80% interest in the project, while Namcor and Custos Investments both hold 10% shares individually.
The rig will explore offshore in the Petroleum Exploration Licence 83 (PEL 83) area. The exploration zone is located in the Orange Basin, 150km off the Namibian coast.
The Hercules rig has been contracted for 115 days. The contracting period will cover two well explorations and optional well testing. The initial target will be the Mopane complex at the southern end of PEL 83.
Custos Energy is owned by Namibian entrepreneur Knowledge Katti, who has a 51% share in the company.
The oil-in-place estimations show that Mopane may contain 10 billion barrels of oil.
The basin is one of the world’s most prospective oil and gas regions.
It is the site of several appraisal and exploration wells operated by Shell, including Jonker-1X, Venus-1X and Graff-1X.
The initial exploration period will expire in January.
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