Petroleum Africa
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Tuesday, September 8, 2015
PetroRio, formerly HRT, is closing up its offices in Namibia and three other countries.
Monique Melo, PetroRio’s press agent told The Namibian that they have closed shop but still hope to be minority shareholders in Namibian oil blocks.
“The company underwent a restructuring process, which led to the closing of offices in Houston (USA), Manaus (Brazil), Toronto (Canada) and Windhoek (Namibia). This change was necessary due to the challenging situation facing the oil and gas market,” Melo said.
The company was the second largest acreage holder offshore Namibia with stakes in 10 oil blocks, however, it had no success with its three wells drilled.
Melo said the company was negotiating to renew four of its petroleum licenses, covering the 10 oil blocks.
“The company intends to remain a minority shareholder of the PELs (petroleum exploration licences) and, therefore, offers its accumulated expertise in seismic studies as its asset. At the appropriate time, the information will undergo new processing,” Melo said.
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