Rhino Resources has awarded a drilling contract worth N$740 million (US$40 million) to offshore drilling firm Northern Ocean Limited (NOL) for its Deep sea Mira rig, strengthening its exploration push off Namibia’s coast.
This was disclosed in a statement by a Rhino Resources spokesperson on Thursday, who noted that the contract also contains options for three additional wells.
The latest deal follows the recent approval of Rhino Resources Namibia Ltd.’s Environmental Clearance Certificate (ECC) by Namibia’s Ministry of Environment, Forestry and Tourism, paving the way to drill 10 exploration and appraisal wells offshore.
The agreement, which includes one firm well for Rhino Resources and another for a separate operator, is expected to commence in mid July 2025 and run for an initial 112 days.
Expanding offshore campaign
Moreover, Rhino Resources’ drilling efforts will also be supported by the arrival of the Noble Venturer drill ship in Walvis Bay next week.
The advanced Samsung 96-K drill ship, built in 2014, will focus on two prospects, Volans-1 and Sagittarius-1, located in Block PEL-85.
Operations are expected to last at least 100 days, with the vessel capable of drilling in water depths of up to 12,000 feet and to total depths of 40,000 feet, housing a crew of about 230.
Blake Denton, Senior Vice President of Marketing and Contracts at Noble, stated that the company was pleased to return to Namibian waters after its previous success.
“We’re very proud of our Noble Venturer crew, whose efficiency enabled the early completion of our campaign with Tullow and service partners.
“This achievement has opened new opportunities to collaborate with Rhino Resources and Trident Energy,” Denton mentioned.
Boost to local economy
The broader offshore drilling campaign is projected to bring significant economic benefits to Namibia, with Rhino Resources estimating an injection of around N$1.8 billion (US$94 million) into the local economy.
Monthly spending of about N$70 million (US$3.75 million) will go into accommodation, logistics, fuel services and other related activities.
Moreover, planned exploration work includes vertical seismic profiling (VSP), well testing and well abandonment activities.
Beyond this, Rhino Resources’ campaign reflects growing investor interest in Namibia’s offshore sector, with a series of discoveries sparking hopes of transforming the country’s economy over the next decade.
