Petrobras, partners awarded license extension on Namibian block

Maria_das_Graças_Foster_brazil_oil_petrobras07 June 2013, News Wires – Brazil’s Petrobras has received a one year extension to the first renewal period for Block 2714A, off Namibia.

Chariot Oil and Gas holds a 25-percent interest in the license, while operator Petrobras has a 30 percent holding and BP has 45 percent.

Chariot said on Friday the extension will allow the partnership to complete its analysis of the drilling results of the Kabeljou-1 exploration well in order to take an “informed decision” on plans for the block and commitments for the next phase of development.

Kabeljou-1 did not find commercial hydrocarbons when it was completed late last year, but it did find encouraging source rock and hydrocarbon shows.

Chariot added that the extension will also enable it to evaluate and incorporate results from a third-party well that is anticipated to be drilled nearby during the third quarter of this year.

About the Author