Oil found in Namibia

Brazilian petroleum exploration firm, HRT, has found oil in the first of four wells off the coast of Namibia, but not in commercially viable quantities.
This amid high expectations after the company's CEO, Marcio Mello, who resigned on May 10, was quoted last month saying Namibia prospects may hold about 10 billion barrels of oil, enough to supply all US needs for a year-and-a-half.
According to Mello, data had found a 24.1 percent chance, on average, of finding: 1.3 billion barrels in Wingat; 4.3 billion barrels in Murombe; 3.2 billion barrels in Moosehead and 1.3 billion barrels in Meerkat.
The company´s first exploration well Wingat-1, where the discovery was made, is located in the Walvis Basin, off the Namibian coastline.
The drilling discovered oil source rock that confirmed the oil potential of the Walvis Basin off Namibia. And, according to the president of HRT, Joe Paul, they will drill a second well (Murombe) in 15 days to find a commercial discovery.
Murombe Well is some 15 kilometres west of Wingat-1.
Namibia’s Mines and Energy Minister, Isak Katali, has cautioned that the discovery of oil in the country would not mean that oil prices would go down as there are many stages involved in the discovery of oil.
Some of these stages, the minister stated, are that the quality and quantity of the oil will still have to be tested.
Rio de Janeiro-based HRT began drilling for oil in Namibia in early March this year and has so far spent R810 million on testing resource potential.
Although mineral-rich, Namibia does not have any proven oil reserves, its northern neighbour, Angola, is Africa’s second-largest producer of oil after Nigeria. –

May 2013
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