TotalEnergies reports its latest deepwater drilling effort offshore Namibia has yielded positive results, suggesting another potential oil discovery.
This comes as assessments regarding its commercial viability remain underway.
According to Upstream, the drilling operation also targeted a northern extension of TotalEnergies’ extensive Venus discovery.
This comes as, in 2022, TotalEnergies made a significant discovery of light oil with associated gas on the Venus prospect, located in block 2913B in the Orange Basin, offshore southern Namibia.
The Venus 1-X well encountered approximately 84 metres of net oil pay in a good quality Lower Cretaceous reservoir.
The breakthrough follows a recent collaboration between TotalEnergies and Vantage Drilling International.
The companies have signed a binding agreement to establish a new joint venture (JV) that will acquire the Tungsten Explorer drillship from Vantage.
Under the terms of the agreement, TotalEnergies will pay US$199 million for a 75% interest in the JV that owns the rig, with Vantage retaining the remaining 25%.
Leveraging Vantage’s extensive experience in deep offshore drilling and its longstanding partnership with TotalEnergies, the JV will engage Vantage to operate the Tungsten Explorer for 10 years.
Patrick Pouyanneģ, Chairman and CEO of TotalEnergies, expressed his satisfaction with the agreement, stating, “TotalEnergies is pleased to enter into this agreement with Vantage to take shared ownership of a drillship, the Tungsten Explorer, which we already used in exploration and development activities in Namibia, Cyprus, and Congo.”
Pouyanneģ added that the innovative partnership would provide TotalEnergies with both value and flexibility, allowing them to manage deep-offshore drilling costs effectively.
Ihab Toma, Chief Executive Officer of Vantage Drilling International, described the joint venture as a transformative event for the company.
“This joint venture underscores TotalEnergies’ confidence in Vantage, and our client’s belief in the value of collaborating with a flexible and efficient drilling contractor,” said Toma.
He emphasised that the proceeds from the sale of the Tungsten Explorer would significantly reduce the company’s debt while establishing a long-term revenue stream.
The Tungsten Explorer, built in 2013, is a renowned offshore drillship designed for deep offshore drilling.
With a power capacity of 42MW, a thrust capacity of 33MW, and the ability to operate in diverse meteorological conditions, the rig has a proven track record of safe drilling operations worldwide.
Currently deployed in Namibia on the Mangetti-1X well, the Tungsten Explorer utilises Excellium additives, a premium fuel developed by TotalEnergies to optimise consumption and reduce emissions–marking a pioneering effort for the company.
TotalEnergies and Vantage Drilling International anticipates that the Tungsten Explorer, with its hookload capacity of 2.5 million pounds, offline capabilities, and state-of-the-art managed pressure drilling equipment, is well-equipped to meet TotalEnergies’ envisaged future global drilling needs. TotalEnergies is the operator with a 40% working interest, alongside QatarEnergy (30%), Impact Oil and Gas (20%) and NAMCOR (10%).
