4th February26 Jan 2022 14:14
More detail before official announcement and so until we get news from Total's Venus-1, Shell's giant oil discovery at Graff-1 first. Gl :-)
According to a Reuters report, the discovery at the Graff-1 well was made following drilling operations that began last month and which three sources with credible know-how on the drilling have confirmed.
The well results, as reported by Reuters, have shown at least two reservoirs containing what one of the sources described as a significant amount of oil and gas.
According to a second source, the drilling results have shown one layer at least 60 metres deep of hydrocarbons, holding an estimated 250 to 300 million barrels of oil and gas equivalent.
Estimated at current averages of US$88 per barrel, this adds up to a reservoir worth over U$29 billion, equivalent to N$334 billion at current prices.
Namcor managing director Immanuel Mulunga could not confirm nor deny the discovery yesterday, but told The Namibian that his company, the mines and energy ministry, as well as the two foreign entities, as owners of PEL 39, will make a joint statement on the results of the drilling on or before 4 February.
If such a discovery was made, this could spiral into an investment frenzy in a country that has been dry of foreign direct investments in the last four to five years.
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Much speculation and expectations have been made on Namibia's possibility of becoming a global oil and gas player over the decades, but none has had the chance to become operational.
This could be Namibia's chance to finally join the Organisation of the Petroleum Exporting Countries (Opec) alongside neighbouring Angola, which has been instrumental in the trade of illegal fuel in the northern part of the country.
The ministry's spokesperson, Andreas Simon, said operations for the Graff-1 well are still ongoing.
“It is our objective to safely execute the operations and collect quality data to enable a thorough assessment of the prospect's potential. As soon as all the data have been analysed, the ministry will announce the full results,” he said.
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