RE: RE: BP Pursues Namibia Crude Amid No Known Dis Although the article focusses mainly on the development of BP, it describes quite well the situation and stage of progress offshore West-Africa, especially Namibia - from my point of view.
Here are some quotes from the article, which I find very, very interesting.
Have a good start in to the day,
Neo
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source again: https://www.bloomberg.com/news/2012-04-04/bp-pursues-namibia-crude-amid-no-known-discovery-of-oil-energy.html
BP Pursues Namibia Crude Amid No Known Discovery of Oil: Energy
BP Plc (BP/)’s push into Namibian oil makes it the only major producer expanding in the West African nation [..].
“BP has become very aggressive out here,” said Paul Welch, chief executive officer of Chariot Oil & Gas Ltd. (CHAR), a partner in the Nimrod prospect. “It’s become a hot area. If we make a discovery, it’ll be like Ghana after Jubilee.”
“Majors have overlooked a number of the biggest basins in the world,” BP CEO Bob Dudley said in October.
“Namibia is one option that could open up a new basin” for BP, said Theepan Jothilingam, an analyst at Nomura Holdings Inc. in London. “In reality, none of the super-majors are there yet. There is this chase for new acreage.”
Chariot is the third-largest holder of exploration acreage in the country after Brazil’s HRT Participacoes em Petroleo SA (HRTP3) and Canada’s Eco Atlantic Oil & Gas Inc. (EOG), according to the nation’s Mines and Energy Ministry.
It’s a “promising new frontier of oil and gas,” said Gil Holzman, CEO of Eco Atlantic. New technology allows the company to “unlock its deepwater potential and gain a better geological understanding of the Atlantic off West Africa.”
Holzman and Chariot’s Welch describe Namibia as investor- friendly, evidenced by the successful mining operations of companies such as Rio Tinto Plc and De Beers.
Chariot is set to start drilling the Tapir South prospect in April, targeting 600 million barrels of resources. Nimrod, where it expects to drill this year, is prospecting about 5 billion barrels.
“This is a fairly effective way of entering a prospective area,” said Peter Hutton, an analyst at RBC Capital Markets in London. “Namibia was conspicuously absent from BP’s last exploration presentation. That’s probably because they didn’t want to highlight it to anyone else.”
“Some people say there’s nothing there, some say it looks like Brazil,” Craven Walker said in an interview in London. “If I were BP, I’d rather have this as an option than have to come in late.”