Oil discovered offshore Namibia

oil namibia-vee TEC sxc.huThe find has risen hopes that Namibia could become the latest southern African country to strike oil reserves. (Image source: Vee TEC/sxc.hu)Brazilian oil and gas exploration company High Resolution Technology (HRT) has announced that it has struck oil off the coast of Namibia

The central government revealed the first oil discovery in the Walvis Basin off the southern African country’s central coast, but not in commercial volumes.

The drilling results for the first well drilled showed that the rock penetrated does not contain commercially viable oil reserves.

The data analysis, however, mentioned that another exploration nearby two petroleum source rocks confirmed indication of commercial oil reserves and several thin-bedded sandy reservoirs that are saturated by oil within the same vicinity of the first well.

HRT sources said, “Work will begin within a fortnight at a second exploration location.”

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

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

It, however, has proven gas reserves of 56.6bn cubic metres.

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