Namibia's mines and energy minister Isak Katali announced on Wednesday that Enigma Oil & Gas has hit upon oil reserves estimated at 11 billion barrels off Namibia's coast. The discovery can push Namibia to be on par with Angola which boasts of reserves worth 13 billion barrels.
Katali stated that Enigma Oil & Gas, which is owned by London-listed Chariot Oil & Gas, has discovered 11 fields along the southern coast, the largest of them being the Nimrod Prospect in 350 meters (1,150 feet) depth. He said that if proved successful, this could carry four billion barrels of oil and up. Enigma which holds a 50% equity in the offshore Southern Block along with Brazil's Petrobras intends to kick start production in 2015.
With HRT Oil & Gas, a Brazilian company, looking to invest $300 million in oil and gas exploration in Namibia, Katali anticipates offshore Namibia turning into a great producer of oil and gas in a short time. HRT has already certified about 5.2 billion barrels of potential reserves and would drill three to four wells in that area as early as next year, he added.
Furthermore, the Delta Prospect off Namibia's central coast is also a hot bed for recoverable resources of up to two billion barrels of oil, held by Arcadia Expro Namibia and British firm Tower Resources, he said.
"We expect that six to eight wells to be drilled in Namibia's waters in the next 18 months, the highest number in Namibia's exploration history," he said.
See also: The Namibian Oil Rush