Namibia Reports Finding Oil Reserves Offshore

Namibia Reports Finding Oil Reserves Offshore

From All Africa.

Namibia hopes to become the latest Southern African country to benefit from oil reserves.

Brazilian oil and gas exploration company High Resolution Technology and local businessperson Knowledge Katti have discovered oil off the Namibian coast after spending millions of dollars on exploratory drilling, according to a report in All Africa.

Findings from an exploratory well in the Walvis Basin off Namibia’s central coast are promising, although drilling results for this first well show that the rock penetrated does not contain commercially viable oil reserves, according to All Africa.

Data does however show two other rock sources in the area with signs of commercial oil reserves, the report said.

High Resolution Technology discovered “two well-developed source rocks” and “several thin-bedded sandy reservoirs that are saturated by oil,” the report says. Work is scheduled to begin within 15 days at a second exploration site.

Nigeria and Angola are Africa’s two largest producers of crude.

Namibia has no oil production and no proven reserves but does have gas reserves of two trillion cubic feet, according to All Africa.

Several other companies besides HRT are licensed to produce oil off Namibia including Spain’s Repsol and Brazil’s Petrobras.

Read more at All Africa.