Petroleum Africa
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Sunday, June 3, 2007
The two licenses cover over 10,000 sq km and the region has seen a small amount of exploration in the past. "Results from those wells indicate evidence of gas and oil reserves between 1.6 billion barrels of oil or about 2.5 trillion cubic feet of gas," Namcor’s Managing Director Sam Beukes said. “Namcor will do a lot of desktop studies and preparation for the actual drilling and further development, for which we intend to attract investors.
The company has neither the technical expertise, nor the financial wherewithal to go it alone and will be looking for an equity partner to share the risks and provide technical assistance.
Namcor should not expect to receive special treatment according to Mines and Energy Minister Erkki Nghimtina. Nghimtina said the state-owned company will be treated as any other company exploring in the country.
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