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VENTURES AFRICA – Africa-focused independent oil and gas exploration and production company, CAMAC Energy has signed a $100 million one-year contract with Northern Offshore Ltd. for the drillship, Energy Searcher.
The rig will be delivered to the Oyo Field in OML 120 offshore Nigeria and drilling activities will commence in the first half of this year, 2014, according to a company statement.
The Energy Searcher have the capacity to operate in total depths of up to 25,000 feet, and in water depths of up to 2,500 feet.
The rig contract with Northern Offshore, ensures a highly capable and efficient rig to execute on its transformational development and exploration program in 2014 and beyond, CAMAC Chairman and Chief Executive Officer, Kase Lawal said.
New-York-listed CAMAC plans to utilize the rig on its multi-year, high-impact development and exploration portfolio.
The long-term drilling contract agreement covers an initial period of one year, with an option to extend the contract for an additional one-year.
According to Northern Offshore, the contract which is valued at roughly $100 million, excludes mobilisation fees.
CAMAC Energy’s asset of 8 licenses in 3 African countries covers an area of 41,000 square kilometers including production, offshore projects in Nigeria, as well as exploration licenses offshore and onshore Kenya, and offshore Gambia.