Namibia: Repsol seeks rig for exploratory drilling

Repsol SA has agreed subject to regulatory approvals to take a 44% working interest in and become operator of License 0010 offshore northwestern Namibia, said Tower Resources PLC.
July 31, 2012

Repsol SA has agreed subject to regulatory approvals to take a 44% working interest in and become operator of License 0010 offshore northwestern Namibia, said Tower Resources PLC.

Tower’s subsidiary, Neptune Petroleum (Namibia) Ltd., signed a farmout agreement with Arcadia Expro Namibia (Pty.) Ltd. to convert Tower’s 15% carried interest in the license to a 30% working interest, subject to approvals. Neptune is liable to reimburse Arcadia for 30% of Arcadia's past costs on the license or $5.3 million and will assume 30% of future costs.

If the transfers are completed, license interests will be Repsol 44%, Tower 30%, and Arcadia 26%. License 0010 comprises blocks 1910A, 1911, and 2011A, which total 23,000 sq km in 200-3,000 m of water.

Repsol is studying rig options and is consulting with the Namibian government, Arcadia, and Tower. The busy exploration program offshore Namibia will likely attract a number of rigs to the area and, with the large Delta prospect being in a relatively shallow 900-1,300 m of water several rigs would be capable of drilling the well. Repsol also has an active drilling campaign offshore Angola.

About the Author

Alan Petzet

Chief Editor Exploration

Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.

Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.

Sign up for Oil & Gas Journal Newsletters