Tiger Offshore Rentals saw a significant increase of rentals throughout the Africa, Europe & Mediterranean regions. Most importantly, in the West Africa region we are currently experiencing great success in Walvis Bay, Namibia.
Namibia is quickly solidifying its place as one of the world’s hottest oil provinces. The Giant Venus, Graff and Jonker discoveries by Total and Shell respectively, have combined resources in excess of 15.6 billion barrels of oil. Venus on its own is the largest global oil discovery since 2015. With further appraisals and potential discoveries, the Orange Basin fields could easily be the largest global discovery seen in the last 50 years. According to Rystad Energy, these early estimates and further appraisals show these discoveries will far outrival the Buzios field in Brazil.
Recently GALP Energia added to the Orange Basin success with two significant high quality light oil discoveries. Further, entrance of Majors and Super-Majors, such as ENI and Woodside, into the region is a key indicator of the hype in Namibia. Chevron has planned a two well campaign in Q4 2024. ExxonMobil has two exploration licenses in the north bordering Angola where we are going to see some drilling activity as well.
The Tiger Offshore yard, sitting in a prime location only a short distance from the Port of Walvis Bay’s entrance, has positioned us for success. Our team has received a huge influx of equipment for this fast-growing region. The operations team has been working tirelessly to keep up with the high demand for equipment. Namibia has been fortunate, as equipment lands on the Tiger Offshore yard, it gets quickly put on-rent to our clients.
Walvis Bay is a small vibrant oil and gas community where we have good relationships with various clients across the value and services chain. These associations have positioned Tiger as the key equipment and service provider in Namibia. The Team’s focus on our preventative and corrective maintenance, make it happen attitude and our best-in-class equipment is the foundation for our success! We expect to see exciting times ahead for Tiger in Namibia as well as other locations in the Africa-Mediterranean region in 2024!
