| Discover Namibia Offshore Oil Reserves 11 Billion Barrels |
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| Thursday, 07 July 2011 00:00 | |||||||
Page 1 of 2 Discover Namibia Offshore Oil Reserves 11 Billion BarrelsWindhoek (AFP) - An estimated 11 billion barrels of oil reserves have been discovered off the coast of Namibia, with first production planned within four years, mining and energy minister Isaac Katali announced Wednesday. These findings can be put equal to neighbor Angola Namibia, which has reserves estimated at around 13 billion barrels and produced rival Africa's major producer, Nigeria. Katali said that Enigma Oil & Gas, which is owned by Chariot Oil & Gas recorded in London, has identified 11 prospects along the south coast. "The biggest of it, Prospect Nimrod at a depth of 350 meters (1150 feet) and most likely a backup in case of success is expected to more than four billion barrels," he told parliament. "Enigma expect to find oil, not gas," said Katali, adding that the first production could begin in early 2015. Enigma holds 50 percent equity in the offshore Block South together with Petrobras of Brazil. According Katali, another Brazilian company, HRT Oil & Gas Ltd., has raised U.S. $ 1.3 billion fund in the stock markets of Brazil, with 300 million U.S. dollars allocated for oil and gas exploration in Namibia. He says that the HRT has certified about 5.2 billion barrels of potential reserves. "These findings could be turned into a major producer of offshore Namibian oil and gas in a short time," said Katali. In a statement to Parliament, Katali added that HRT will drill three to four wells in the area early next year. Another discovery on the coast of central Namibia, called Prospect Delta resources contained up to two billion barrels of oil, by Arcadia Expro (AEN) Namibia and the UK company, Tower Resources, he said. "We hope that the six to eight wells will be drilled off the coast of Namibia in the next 18 months, the highest in the history of exploration of Namibia," he said. Namibia has long been viewed as a potential new source of oil, hampered by a lack of exploration to determine the level of reserves. Offshore geology is similar to Brazil, which is estimated to have a lot of oil reserves. (A026/K004) Editor: B Kunto Wibisono
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