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Halliburton & Rhino Deliver Two Exploration Wells in Namibia
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Halliburton Company (HAL - Free Report) and Rhino Resources have marked a significant milestone by delivering the first two exploration wells on Block 2914 under Petroleum Exploration License (PEL) 85, located offshore Namibia. This achievement is particularly notable as it represents the first two wells in Namibia that have been completed using entirely in-country infrastructure, thanks to Halliburton’s newly established operational bases in Walvis Bay, Swakopmund, and Lüderitz. This achievement highlights the importance of Halliburton's collaborative approach and integrated services that led to the success of Rhino Resources as the block operator.
The partnership between Halliburton and Rhino Resources establishes a new standard for energy development in Namibia and sets an example of what’s possible when world-class technology, local collaboration and a shared long-term vision come together. The initiative strengthens Namibia’s position as a rising energy hub in Africa as the region gains significant global attention. This progress has the potential to drive economic growth and draw additional investment into the country’s expanding oil and gas sector.
Empowering Namibia Through Local Capacity and Education
More than just a technical win, the campaign reflects a broader commitment to Namibia’s future. At the onset of the project, Rhino Resources reiterated that the goal was not only to explore geological potential but also to ensure the long-term benefit of Namibians through knowledge transfer and capacity building.
A cornerstone of this effort is the Rhino-Halliburton Technology Centre, inaugurated in October 2024 at the University of Namibia’s Southern Campus. This state-of-the-art facility is dedicated to advancing geoscience education and equipping Namibian youth with the skills needed to drive the country's energy future.
An Insight Into the HAL-Rhino Drilling Deal
In 2024, Halliburton secured a contract from Rhino Resources to construct multiple deepwater integrated wells in Namibia and provide a comprehensive set of solutions for the construction of exploration and appraisal wells, in addition to testing services. In the deal, both Halliburton and Rhino Resources had placed emphasis on the importance of localization in the oil and gas industry in Namibia.
Importance of the Deal for HAL
From a financial standpoint, Halliburton’s successful execution of exploration wells in Namibia marks a strategic entry into a high-growth energy market. The development of local infrastructure and a dedicated technology center signals a long-term commitment that may generate future revenue opportunities.
HAL’s Zacks Rank and Key Picks
Houston, TX-based Halliburton Company is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, industrial and government sectors. Currently, HAL has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some top-ranked stocks like Prairie Operating Co. (PROP - Free Report) , Global Partners LP (GLP - Free Report) Expand Energy Corporation (EXE - Free Report) . While Prairie Operating and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, Expand Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston-based Prairie Operating is an independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources principally in the United States. The Zacks Consensus Estimate for PROP’s 2025 earnings indicates 389.05% year-over-year growth.
Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP’s 2025 earnings indicates 17.84% year-over-year growth.
Expand Energy is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The Zacks Consensus Estimate for EXE’s 2025 earnings indicates 444.68% year-over-year growth.
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Halliburton & Rhino Deliver Two Exploration Wells in Namibia
Halliburton Company (HAL - Free Report) and Rhino Resources have marked a significant milestone by delivering the first two exploration wells on Block 2914 under Petroleum Exploration License (PEL) 85, located offshore Namibia. This achievement is particularly notable as it represents the first two wells in Namibia that have been completed using entirely in-country infrastructure, thanks to Halliburton’s newly established operational bases in Walvis Bay, Swakopmund, and Lüderitz. This achievement highlights the importance of Halliburton's collaborative approach and integrated services that led to the success of Rhino Resources as the block operator.
The partnership between Halliburton and Rhino Resources establishes a new standard for energy development in Namibia and sets an example of what’s possible when world-class technology, local collaboration and a shared long-term vision come together. The initiative strengthens Namibia’s position as a rising energy hub in Africa as the region gains significant global attention. This progress has the potential to drive economic growth and draw additional investment into the country’s expanding oil and gas sector.
Empowering Namibia Through Local Capacity and Education
More than just a technical win, the campaign reflects a broader commitment to Namibia’s future. At the onset of the project, Rhino Resources reiterated that the goal was not only to explore geological potential but also to ensure the long-term benefit of Namibians through knowledge transfer and capacity building.
A cornerstone of this effort is the Rhino-Halliburton Technology Centre, inaugurated in October 2024 at the University of Namibia’s Southern Campus. This state-of-the-art facility is dedicated to advancing geoscience education and equipping Namibian youth with the skills needed to drive the country's energy future.
An Insight Into the HAL-Rhino Drilling Deal
In 2024, Halliburton secured a contract from Rhino Resources to construct multiple deepwater integrated wells in Namibia and provide a comprehensive set of solutions for the construction of exploration and appraisal wells, in addition to testing services. In the deal, both Halliburton and Rhino Resources had placed emphasis on the importance of localization in the oil and gas industry in Namibia.
Importance of the Deal for HAL
From a financial standpoint, Halliburton’s successful execution of exploration wells in Namibia marks a strategic entry into a high-growth energy market. The development of local infrastructure and a dedicated technology center signals a long-term commitment that may generate future revenue opportunities.
HAL’s Zacks Rank and Key Picks
Houston, TX-based Halliburton Company is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, industrial and government sectors. Currently, HAL has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some top-ranked stocks like Prairie Operating Co. (PROP - Free Report) , Global Partners LP (GLP - Free Report) Expand Energy Corporation (EXE - Free Report) . While Prairie Operating and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, Expand Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston-based Prairie Operating is an independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources principally in the United States. The Zacks Consensus Estimate for PROP’s 2025 earnings indicates 389.05% year-over-year growth.
Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP’s 2025 earnings indicates 17.84% year-over-year growth.
Expand Energy is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The Zacks Consensus Estimate for EXE’s 2025 earnings indicates 444.68% year-over-year growth.