Wednesday, 01 June
09 Feb
A “game-changing” oil discovery off the coast of Namibia could not only attract billions in investment into the southern African country but it is set to ignite “white-hot” interest in oil and gas exploration in South Africa’s waters too.
On Friday the National Petroleum Corporation of Namibia (Namcor) announced it and its partners – Shell Namibia Upstream BV and QatarEnergy – have discovered light oil at the Graff-1 deep-water exploration well located in the Orange Basin some 270km away from the diamond mining town of Oranjemund.
While the success of the Graff-1 well has industry observers abuzz, Namcor has cautioned that a second exploration well will be required to determine the size and recovery potential of the oil. Industry sources told Fin24 the drilling of this well is already under way.
4m ago
Carol Paton
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