Major oil find off Namibian coast

2011-07-07 06:30

Windhoek - An estimated 11 billion barrels in oil reserves have been found off Namibia's coast, with the first production planned within four years, mines and energy minister Isak Katali announced Wednesday.

The finding could put Namibia on par with neighbouring Angola, whose reserves are estimated at around 13 billion barrels and whose production rivals Africa's top producer Nigeria.

Katali said that Enigma Oil & Gas, owned by London-listed Chariot Oil & Gas, has identified 11 prospects along the southern coast.

"The largest of these, the Nimrod Prospect in 350m depth, and most likely reserves in the event of success are estimated to be greater than four billion barrels," he told parliament.

"Enigma expects to find oil rather than gas," Katali said, adding that first production could begin as early as 2015.

Enigma holds a 50% equity in the offshore Southern Block together with Brazil's Petrobras.

According to Katali, another Brazilian company, HRT Oil & Gas Ltd, has raised $1.3bn on the Brazilian stock market, with $300m earmarked for oil and gas exploration in Namibia.

He said that HRT has certified about 5.2 billion barrels of potential reserves.

"This finding could turn offshore Namibia into a great producer of oil and gas in a short time," Katali said.

In his statement to Parliament, Katali added that HRT would drill three to four wells in that area as early as next year.

Another find off Namibia's central coast called Delta Prospect contained recoverable resources of up to two billion barrels of oil, by Arcadia Expro (AEN) Namibia and British firm Tower Resources, he said.

"We expect that six to eight wells to be drilled in Namibia's waters in the next 18 months, the highest number in Namibia's exploration history," he said.

Namibia has long been seen as a potential new source of oil, hampered by a lack of exploration to determine the extent of its reserves. Its offshore geology is similar to Brazil, which is seeing a boom in oil.

  • Fredster69 - 2011-07-07 07:06

    Run Julias run, you might even claim this as well ...chop

  • Wow! - 2011-07-07 07:35

    Amazing. They have been looking for oil for 30+ years in Kudu fields area and now they find it. Wow!!!! That is great from Namibia.

  • Sinudeity - 2011-07-07 07:35

    "Major oil find off Namibian coast" - Prepare to be invaded by the US!

  • shmangle - 2011-07-07 07:38

    OMG! I didn't know Namibia had Weapons of Mass Destruction!

      JHBBOY - 2011-07-07 20:12

      They do now!

  • eidel - 2011-07-07 07:49

    Youth league here is your opportunity to jump in and cash in

  • Roman Moroni - 2011-07-07 07:49

    Really glad for them. Will it be managed well though, or will it end up in the back pockets of an elite few ala ANC?

  • JJRR - 2011-07-07 07:51

    O hel hier kom die amerikaners! Dit gaan mos alles net oor olie! hahahahah

  • Beam me up - 2011-07-07 08:06

    and it is needed as the fiscal deficit will equal the annual budget in 2014. This may explain why the Namibian Government is overspending.

  • David - 2011-07-07 08:06

    This is great news for a country like Namibia. They mostly have only sand and this will really boost its economy. Watch how Namibia will make the ever down spiraling South African economy look like pocket change soon if done properly. Perhaps, South Africa can look at purchasing oil at a lower price from them instead of the Gulf. Surely if its closer, less transport costs ect. Maybe even build a pipeline straight to a refinery that can be built near the border to create more jobs... Just a thought

  • Sisie - 2011-07-07 08:07

    I can see SA Top Dogs, rubbing their hands together trying to get their share of this. I mean that is not small change, and we know how greedy the Top Dogs of SA are....extremely!

  • The Spear - 2011-07-07 08:08

    Time to move to Namibia? Maybe invest in some real estate close to where the oil was found?

      Eishh - 2011-07-07 10:32

      Possibly already to late to invest in real estate. The numbers really don't make sense to me. What how much oil will be pump per day or year and how does that translate to SA oil usage? For how long will the reserves lasts?

  • Kitkat24 - 2011-07-07 08:20

    hopefully...Pertol will decrease and we will spend R6 a galon

      PunkBuster - 2011-07-07 12:02

      Yeah right. If we found oil under gauteng that still wouldnt happen.

  • Thor - 2011-07-07 08:22

    Hmm bet a couple of ANC ministers have the hamsters spinning overtime to get in on this action. Malema will probably now want to nationalise namibia.

  • bouttell1 - 2011-07-07 08:22

    Hopefully this will reduce the price of petrol here.

  • nixcroft - 2011-07-07 08:23

    and de klerk gave it should have been incorporated then as south africas 5th province and marched into the new south africa together. offshore shallow oil drilling is much better than fracking in the karoo.... well de klerk, just something else you screwed up in the long run

  • Vaal Donkie - 2011-07-07 08:29

    So, they found oil already in barrels?

      Loadman - 2011-07-07 11:50

      Did your intelligence stop developing at 10 years old?

      PunkBuster - 2011-07-07 12:00

      Now that damn convenient. Ready for shipping. LOL...

  • Bosj - 2011-07-07 08:34

    Now women and children are going to be killed for nothing. Families are going to be misplaced and forced to relocate....Oil is a curse.

      Chronoman - 2011-07-07 11:20

      Namibia ia sparsely populated and drillng will occur in the sea. Namibia's sea population moved to land a long time ago.

      Gandalf - 2011-07-07 12:00

      Are they presently floating around on top of the alleged oil wells?

      americist___ - 2011-07-07 15:13

      you are an Idiot

  • Jackool - 2011-07-07 08:37

    There goes the neighbourhood!

  • Jackool - 2011-07-07 08:38

    There goes the neighbouhood!

  • Parko - 2011-07-07 08:46

    Damn ! We should have kept Namibia as the 10th province.

      JHBBOY - 2011-07-07 20:10

      Ja and end up like Nigeria, with rebels running around the Delta coz they not sharing in the profits with the ANC

  • jka - 2011-07-07 09:07

    Oil economy is not sustainable - we are damaging our forests, oceans and air and cannot see further ahead than the next pay cheque! Only when we have taken every last resource from this earth will we realise we have no where else to go... and so turn on each other. When will people wake up and realise that this is not a good thing - drilling for more oil is not a step in the right direction.

      Greg - 2011-07-07 10:59

      I suppose you walk or ride a bike to work?

      whereu - 2011-07-07 11:00

      jka, Just two questions. Do you drive a petrol or diesel vehicle? Would you prefer to import oil from the likes of Middle Eastern countries or from Namibia? (We still need oil. It will take a long time to come up with alternatives).

      BrokenLink - 2011-07-07 12:25

      Well you use a computer. So you are using electricity, which makes you a giant hypocrite. Since you are using oil. Presumably you then walk everywhere? Have never driven in a car or flown somewhere? Your idiotism is quite extraordinary.

      Will2.0 - 2011-07-07 12:36 will take even longer if we don't admit we have to try

      AJ - 2011-07-07 13:38

      @whereu - the more oil we find, the longer it will take to come with alternatives.... (just playing devil's advocate that's all)

  • BIG ANT - 2011-07-07 09:08

    SUCKERS!!!!!!!!!!!! Now the USA will be bombing your parliament. Time for change they will call it!!

  • nic - 2011-07-07 09:16

    This is good news for our neighbors. Let's hope the oil does not corrupt them like it did Angola and Nigeria!

  • BigMoose - 2011-07-07 09:18

    There is oil off the South African west coast as well.

      Magz - 2011-08-17 21:05

      @ Pieter l hope this isnt anomalies discovery...let it b the real thing...we on the game! to those who are so negative abt this whole oil thing...l think jealous is taking its course am sure if it was happening in your mother country then u"ll b all over and on abt it. cmon guys lets face it and swallow it; Namibia hv it, gold, copper, zinc, uranium, the list goes on n on... and now its oil. u can do nothing abt it bt rather juc say congrats to Namibia! It cant b bad at all, am actually excited abt it...i thk u guys are afraid of new discoveries, thk again!

  • Amratian - 2011-07-07 09:29

    They found the oil without drilling a well? That is very interesting!

      Grazy - 2011-07-07 10:16

      They do not need to drill now, it was done 25+ years ago but kept secret. Just think logicaly why the oil fields suddenly stop right at the Angola border. ??? Games games games.

      Pieter van Niekerk - 2011-07-07 12:02

      Yes I agree this announcement was made prematurely. They found anomolies that possibly could contain oil reserves. They should rather drill the wells and then do their test. In the early 1970, SHELL discovered these anomalies but never did any further exploration saying that it could possibly only be pockets of liquids that may or may not contain oil.

      JonWayne - 2011-07-07 15:05

      This is deepwater. Deepwater survey & drilling technology only really proved it self when Brazil made that big find in the oil kitchen.

  • Ruff-ian - 2011-07-07 09:30

    prepare to defend yourself against the USA,

      PunkBuster - 2011-07-07 12:01

      Sounds like something malema would say...

      Cire - 2011-07-07 14:39

      Why? Do you think they may want to buy some of the oil? Can't have that, can we? Let's just leave it where it is? Clever boy!

      americist___ - 2011-07-07 15:12

      there is no defense against the USA

  • whereu - 2011-07-07 09:43

    Wonderful news. Go Namibia!

  • saxor - 2011-07-07 09:50

    Congratulations Namibia

  • Vela Stardust - 2011-07-07 09:55

    Pleased about the oil but worried about the environment. Any disaster there will affect our coast line. Namibia does not have a good environmental record.

      elmo.j.erasmus - 2011-07-07 10:52

      Namibia is one of the biggest Uranium producers in the world with no real accidents to speak of. Do you actually live in Namibia? How can you say we don’t have a good environmental record? Maybe you should go have a talk with Malema I’m sure the two of you will have loads to talk about

      Werfbobbejaan - 2011-07-07 11:04

      Whatever, check your own records before pointing fingers. As it stands you eat our dust when it comes to the environment. Wake up and smell the air you suck in each day and then come and sample the fresh and polluted free air here in beautiful Namibia. Schmuck!

      Pieter van Niekerk - 2011-07-07 11:57

      @vela - I am currently employed in the Namibian Mining Industry and beg to differ with your uneducated statement. Namibia has one of the best enviromental track records when it comes to mining related operations. Our Goverment places a lot of emphasis on enviromental issues largely because we also have a large tourism industry that may take exception to any negative enviromental impacts. I would have thought that you did some homework before posting your comment. How about the acid water situation in Gauteng or the fracking fiasco in the Karoo. Maybe this is the norm for the South African Mining Industry or possibly you have just mislead yourself in believing that SA has a outstanding enviromental record.

      Bongo_007 - 2011-07-07 12:16

      What do you know about Namibia's environmental track record? What makes you the expert?

      BrokenLink - 2011-07-07 12:23

      Then walk everywhere. And turn of your computer, it also indirectly uses oil.

      montecristo - 2011-07-07 16:05

      Pieter, agree with almost everything you've said, except the "fracking fiasco in the Karoo" - they haven't even started fracking yet.

      montecristo - 2011-07-07 16:06

      BrokenLink, my sentiment exactly - computer is made out of plastic which comes from oil.

  • Shees - 2011-07-07 10:18

    Good news!

  • Namseun - 2011-07-07 10:20

    I am happy about the Oil but worried about the enviroment as well as the future. if you look at Oil and Africa, it has never been a good combination. next we will have USA sticking there noses into the local beer fests aswell.

      montecristo - 2011-07-07 16:03

      Gee, namseun, you just can't be too careful, can you?

  • Ingletor - 2011-07-07 10:25

    I just hope that a significant portion of the oil revenues (should they actually turn out to be proven reserves) find their way to the people of Namibia and that they're not shafted by the Oil Corporations.

      AJ - 2011-07-07 13:36

      Or the govt.... (if it doesn't let's face it it'll be a first)..

  • Christopher - 2011-07-07 10:40

    This is wonderful news for a country in which I was privileged to work for 4 years, whose people are clean living, peaceful, tolerant, and without a hint of racism and/or xenophobia, now a scourge in South Africa.

      Johan - 2011-07-07 14:24

      Hear-hear, I agree 100%.

      Renate - 2011-07-07 16:28

      Hi Christopher, don't know what the second part of your statement has to do with it 'being good news' for my 'Heimat', but in any event: I disagree, it is NOT good news for Namibia as a country. It is only good news for the Oil Companies and the top-echelons in the political and capital arena that stand to cream millions off of a non-renewable energy source, who's extraction will bring with it polution, exploitation, greed, dashed hopes of even distribution of the wealth, renewed poverty and everything that is the ripple-effect of the aforesaid. Sorry Christopher - you obviously really like Namibia and its people. But this is really not good news!!

      Karen - 2011-07-07 20:52

      This could be good news or it could be bad news! Just depends if bad people are going to exploit the windfall or if good people are going to utilise it in the best interests of the Country.

      wobbinwood - 2011-07-08 09:03

      Total bull! This is a disaster for Namibia because very, very little benefits will reach anyone below the ruling Swapo elitist fat cats and financial institutions like banks. Namibians are clean living, peaceful, tolerant and without a hint of racism??!?!?!? I'm afraid sir but I think you're talking about a different country maybe? You've obviously spent your time in Namibia between four walls for four years otherwise you would have noticed the backstabbing efforts as soon as anything indicating money or power is concerned! Sad, sad day for this country, indeed!

  • blommie - 2011-07-07 10:41

    Malema:" nationalise Namibia, they stole our land!!!!!!!!!!!!!! "

      Koos - 2011-07-07 12:47

      ja nee kyk... ha ha ha ha

      Suckerz - 2011-07-07 12:53

      u mean... "Nationalize the Ocean for stealing our land!!!" right?

  • Namseun - 2011-07-07 10:49

    Oil has never been good for Africa.

      White_Rhino - 2011-07-07 13:48

      Maybe all the illegal Zimbabweans would go there instead !!!!

  • Richard - 2011-07-07 12:58

    Hey they club seals cause it is destroying the hake stocks, but lets pump oil instead cause that wont hurt the enviroment.

  • sasam - 2011-07-07 13:17

    "hampered by lack of exploration". What utter nonsense. Off course the oil mongers of the world would have explored as soon as they received a whim of oil potential. It is just a question about timing the public making of the find. I wonder how this fact filters into our nation's history with the old South-West having been a RSA protectorate. If a major oil find was made public when under a pre-1990 strong South African administration the timing would not be right. The oil mongers would not have been able to manipulate the goverment to the extent that they are used to with African governments and leading idividuals in their quest to strip Africa clean as cheaply as possible.

      Cire - 2011-07-07 14:36


  • phoenix27 - 2011-07-07 13:33

    Have we not learned that fossil fuels are BAD all round. Let's move to an alternative please and stop all this nonsense.

      Cire - 2011-07-07 14:35

      Excellent idea - and nuclear energy is the only workable alternative.

      americist___ - 2011-07-07 15:10

      what alternative? fairy dust and unicorn milk?

      GeorgeN1 - 2011-07-07 15:45

      Sorry mate you will allways need oil, no substitute for that

      Andre - 2011-07-12 10:00

      This is what happen to you if you listen to the left wing green propaganda machine. Why don't you sell your car, never fly, disconnect of the fossil fuel fired grid, do not buy any products containing plastics and thus set an example to us. If you are successful the rest of us will follow, in the mean while I'll keep pumping good old CO2 into the atmosphere.

  • DaneRossenrode - 2011-07-07 13:47

    This could potentially be great for the Namibian economy, which isn't that big currently! On the downsides though (and there are quite a few), very little of that money may find its way to the average Namibian. Furthermore, it could have other harmful externalities on Namibia's environment if not handled very carefully... so this is potentially a good thing for Nam, but possibly harmful too.

  • KrayZee - 2011-07-07 13:55

    MALEMA please note that NAMIBIA is INVITING imperialist, colonialist, western bloody agents to help them exploit their newfound oil reserves! Why don't you and the boys (and girls) from the ANCYL go and show them how to do this. That way, in a few years time they cannot turn around and say that the west stole their oil.

  • sharkbait - 2011-07-07 14:03

    bloody hell... The Yanks will be invading soon... let's tell them Namibia is actually the capital of Zimbabwe...

  • blcksoul84 - 2011-07-07 15:26

    yappi lets rape the earth for a good economy

      maseratifitt - 2011-07-07 19:02

      bicksoul84 : Most of us won't see the picture until it is too late. Our economies are based on consumption. And always more. We have not yet reached a turning point to less. It will have to come. The later, the more traumatic.

  • Hangmann - 2011-07-07 16:11

    Oh boy, hope NATO, UN & USA start don't start bombing Windhoek now.

      OB1 - 2011-07-09 11:33

      I think they'll be fine, as long as the president and his army don't inflict genocide on his own people.

  • Uno_Beche - 2011-07-07 16:15

    Remember to club some more seals. This oil is important

  • StoneAngel - 2011-07-07 22:29

    Can anyone remember the fuss when the Kudu gas fields were discovered. Nothing happened from what I remember. Will this be the same - I remember that many shares were traded and many people lost a lot of money - maybe the same will happen here. Watch this space - I hope I am wrong. Nam can benefit as long as they can keep the Yanks from screwing it up.

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