BP exploring for oil in Namibia

BP has taken 25 percent equity in Chariot Oil & Gas’ exploration license in Namibia’s Orange Basin.

BP acquired its share through Enigma Oil and Gas Exploration, a wholly owned subsidiary of Chariot. The new share structure of Orange Basin Block 2714A has Brazil’s Petrobras as operator with 50 percent, with BP and Chariot sharing the remaining interest.
The venture hopes to develop an estimated nine billion barrels of oil at the site.

BP will pay for Chariot’s cost of drilling the first exploration well, scheduled for next year, while also covering past costs incurred, The Namibian reported.

Chariot chief executive Paul Welch said that BP’s “global expertise of deep water exploration and related petroleum systems is exceptional” and that its role in the oil hunt will be “invaluable,” adding, “It has been a key strategic objective for us to farm down our assets to facilitate exploration drilling, retain capital and mitigate risk.”

Namibia’s Block 2714A is situated in the country’s offshore Orange Basin and comprises more than 52,116 square miles. Chariot also holds exploration licenses in the Namibe Basin north of the Walvis Ridge, as well as central blocks straddling the Lüderitz/Walvis Basins. In total the Orange Basin Deep Water License Area covers 16,600 square miles.

Source: OilPrice.com

1 Comment
  1. GH says

    who cares about BP, Ghana should forget about BP they can do business elsewhere. Ghana selection of companies who do business in your country is very import and their strong environmental, social, accountability, to a nation not just satisfying their shareholders thereby leaving the very country where these resources are coming from completely disaster.

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