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Namibia Records First Oil Discovery

  • SOURCE: | qwesa2big
  • After spending millions of dollars on exploratory drilling, Brazilian oil and gas exploration company, High Resolution Technology (HRT) and local businessperson, Knowledge Katti have struck oil in neighbouring Namibia.

    A liquid oil presence has been found off the Namibian coast.

    The AFP and Namibian local media report that the Namibian government and the Brazilian firm on Tuesday announced the first discovery of oil, although not in commercial volumes.

    Reporting findings from an exploratory well in the Walvis Basin off the southwest African country’s central coast, Rio de Janeiro-based HRT said there were promising signs.

    However, the drilling results for this first well show that the rock penetrated does not contain commercially viable oil reserves. The data analysis nevertheless shows two petroleum source rocks with indication of commercial oil reserves within the same vicinity. Drilling in these areas would commence soon.

    The company discovered “two well-developed source rocks” and “several thin-bedded sandy reservoirs that are saturated by oil”.

    Work will begin with 15 days at a second exploration location 15 kilometres to the west, HRT added.

    The find, although not commercially viable, will raise hopes that Namibia could become the latest southern African country to strike oil reserves.

    Angola to the north is Africa’s second-biggest producer of crude, after Nigeria.

    Like Zambia, Namibia currently has no oil production and no proven reserves.

    It, however, has proven gas reserves of two trillion cubic feet.

    HRT is just one of a number of companies with concessions in Namibia’s deep Atlantic waters. Spain’s Repsol and Brazil’s Petrobras also have production licences.

    Source: Times of Zambia

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