Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home ยป Namibia’s potential oil reserves could put it at par with Nigeria

    Namibia’s potential oil reserves could put it at par with Nigeria

    August 9, 2011
    Share
    Facebook Twitter LinkedIn WhatsApp

    The potential crude oil resources off the coast of Namibia could have a considerable impact on the country’s economy, the chief executive officer of Chariot Oil & Gas, Paul Welch, has said.

    According to the ‘How we made it in Africa’, website, Welch said if substantial amounts of oil are found and Namibia continues with its current business friendly policies, the country could be transformed into an economy like Norway.

    “It will be a true gem. I think Norway would be probably the best equivalent to what you would expect if Namibia maintains the current path that it is on”, Welch said.

    He said if the Government’s estimates of total potential resources prove to be correct, it would put the country’s reserves on par with those of Nigeria.

    “The Ministry of Mines and Energy has done a study of offshore Namibia, and they have identified 44 billion barrels of potential oil off the coast, in areas that we have under lease and areas that other companies have under lease,” said Welch.

    Chariot has identified potential oil resources of 16.1 billion barrels within the areas in which it operates. These are, however, only potential reserves, and until exploration wells are drilled, nothing can be guaranteed.

    “Namibia is very much a frontier exploration area that has tremendous potential, but until you have a significant discovery, it is still going to have a large amount of uncertainty associated with it,” Welch explained.

    Chariot’s activities in Namibia since 2007 will hit a significant milestone at the end of this year when the company plans to drill its first exploration well.

    Although Welch was reluctant to put a timeframe on when actual full-scale oil production is likely to begin, he said it would probably take about three years from the first discovery.

    If Chariot’s first exploration well proves to be commercially viable, one could therefore expect production to come on stream in 2015.

    Related News

    Military efforts slash crude oil theft, as Minister hails Armed Forces

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    Petrol marketers supply 20m litres daily without subsidy – Edun

    E-book
    Resilience Exhibition

    Latest News

    FG, States, LGCs share N1.659 revenue in May 2025

    June 22, 2025

    Military efforts slash crude oil theft, as Minister hails Armed Forces

    June 22, 2025

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    June 22, 2025

    Rivers, Bayelsa left out as FG delivers life jackets to Kwara over boat mishaps

    June 22, 2025

    Nigeria commits $200m to health, eyes BRICS partnerships

    June 22, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.