Namibia could have exploitable oil reserves

Apr 30, 1999 02:00 AM

The Prime Minister of Namibia, Hage Geingob, has attempted to stir interest among international exploration companies by saying his country could have exploitable oil reserves.
He told that geological information acquired through seismic surveys and exploration wells has indicated potential for possible oil discoveries in the future.
He said that the recent surge in oil prices will hopefully enhance the interests of oil exploration companies at the time of the Third Petroleum Exploration Licensing Round that has been extended to December this year.
Urging oil producing African nations to recognise the damage caused by price volatility and encourage further international participation, he said that African countries need to avoid the costly mistakes of the past, particularly in the state-run portion of the oil business. "They must play a critical role in the facilitation of a conducive environment for private sector participation in the oil and gas sector."
"Energy business has always been of a global nature but now globalisation has a much wider sway," he continued.
Globalisation has come under a great deal of criticism and for a very good reason, he said. However, the fact remains that nobody can shy away from it.
Geingob said that Africa would, therefore, be better-off by letting globalisation work for it, keeping in mind that it does have some influence on the outcome.
According to an official web site, the Namibian offshore area, out to the 1000 m depth contour, covers 240,000 km2 which is equal to the combined offshore areas of Gabon, Congo, Zaire and Angola. The hydrocarbon potential of this vast region is virtually unexplored because of political uncertainties that prevailed in the years before independence.

Source: Iinoil
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