Connect with us


Nigeria joins Angola as Africa’s largest oil drilling markets, as TotalEnergies extends rig contract



Major setback awaits Nigerian economy as more foreign oil companies prepare to exit

The largest oil drilling markets in Africa are now in Nigeria and Angola, as TotalEnergies renews interest in the West African nation’s offshore Baltic rig.

Angola was previously the largest oil drilling market in Africa, however, Nigeria equalled the Southern African nation’s total of eight drilling campaigns in 2023.

A report released on Monday by Pan-African investment research firm, Hawilti and the Caverton Offshore Support Group Plc disclosed.

“Nigeria has caught up with Angola to also take the position of biggest drilling market this year, with a total of eight drilling campaigns confirmed offshore in both countries,” the report states.

Despite Nigeria equalling Angola, drilling activities are expected to be higher in Angola, as drilling campaigns are extended into the second half of next year, while one drilling activity in Nigeria will last till the first quarter of 2024.

“However, activity is likely to remain higher in Angola as most drilling campaigns there are confirmed until the second half of 2024 already to support exploratory, infill, and development drilling.”

READ ALSO:NNPC to begin oil drilling in Nasarawa March 21

In West Africa, Nigeria remains the largest oil drilling market, with new and extended contracts signed at the beginning of 2023.

The rigs active this year are Valaris DS-10 (OML 118) and the Gerry de Souza (OML 130), “Importantly, the country has two deepwater rigs active this year, including the Valaris DS-10 for SNEPCO (Shell) on its Bonga hub (OML 118) until Q1 2024, and the Gerry de Souza for TotalEnergies on its Egina and Akpo hubs (OML 130),” Hawilti and Caverton disclosed.

Meanwhile, one of the reasons Nigeria joined Angola as the largest oil drilling market in Africa is due to TotalEnergies Baltic rig contract extension to drill the Ntokon Central prospect on OML 102.

“TotalEnergies also extended the Baltic rig contract offshore Nigeria to drill the Ntokon Central prospect on OML 102,” part of the report disclosed.

For other African countries in the drilling market, “Shell selected the Noble Voyager to drill a wildcat on its C-10 license offshore Mauritania at the end of this year,” the report said.

It was also disclosed that “results of key campaigns in Gabon and Congo are still awaited, new contracts have been signed by Eni to drill the Raia prospect offshore Mozambique, and by Galp to join the Orange Basin frenzy offshore Namibia and drill two wells there at the end of the year.”

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now