Business
CANADIAN oil and gas company Reconnaissance Energy Africa (ReconAfrica) and the National Petroleum Corporation of Namibia, NAMCOR, have spud the Naingopo exploration well in the Damara Fold Belt on Petroleum Exploration License, PEL 73 onshore Namibia.
ReconAfrica expects to take 90 days to drill the well at a total depth of approximately 3,800 meters and expects to strike various reservoir intervals containing oil and natural gas.
As the voice of the African energy sector, the African Energy Chamber, AEC, commends ReconAfrica and NAMCOR on this high impact, multi-well exploration venture, which is crucial to unlocking new discoveries and driving the development of Namibia’s onshore oil and gas resources.
The prospect of the well containing 163 million barrels of oil or 843 billion cubic feet of natural gas is a game-changer for Namibia – in addition to the series of world-class discoveries made by Shell, TotalEnergies and Galp in the offshore Orange Basin.
Such a find would not only open up the underexplored Kavango Basin, but also attract a flurry of upstream investment and cement Namibia’s reputation as a major onshore exploration hotspot.
ReconAfrica Senior Vice President of Exploration Chris Sembritzky highlighted the significance of this project, stating: “The Naingopo exploration well is the first well to test the Damara Fold Belt play. In the event of success, the well would unlock significant oil and natural gas potential from our additional three prospects and 20 leads that have been mapped and defined.”
In addition to the Naingopo well, ReconAfrica plans to drill a second well on the Damara Fold Belt – Prospect P – targeting nearly 278 million barrels of oil or 1.5 trillion cubic feet of natural gas and expected to spud in Q4 2024. Last April, ReconAfrica identified a new fold belt province – the Damara Fold Belt – within PEL 73 in the Kavango Basin.
Since then, the company has equipped its operations teams and prepared all necessary processes to kick start drilling. ReconAfrica has worked efficiently to execute the necessary steps that have led to the timely initiation of drilling operations, marking a promising advancement for drilling activities onshore Namibia.
Additionally, ReconAfrica continues to progress its farm-out joint venture process, which is expected to conclude soon. The company has prioritized negotiating terms to facilitate its multi-well exploration drilling program across the Damara Fold Belt and Rift Basin plays in the coming 12-24 months. This farm-out joint venture serves as a strategic move to accelerate the company’s exploration activities in Namibia, fostering collaboration to enhance operational efficiency and maximize resource potential.
ReconAfrica’s activities in the onshore Kavango Basin serve as a complement to offshore exploration efforts and could unlock a new chapter in Namibia’s oil and gas history. By harnessing the full scope of its hydrocarbon resources, Namibia stands to initiate regional oil and gas development, stimulate sector-led growth and attract an influx of foreign direct investment – creating jobs, generating export revenues and establishing diversified, downstream industries in the process.
ReconEnergy stands out as a shining example of a company that prioritizes sustainability and social responsibility in its oil drilling operations. By adopting environmentally conscious practices and engaging with local communities, ReconEnergy demonstrates that it’s possible to extract natural resources without compromising the well-being of the planet and its people.
“Leveraging Namibia’s prospective oil and gas resources is essential to attaining regional energy security and driving diversified economic growth. This partnership between ReconAfrica and NAMCOR illustrates how international exploration companies can work together with national oil companies to achieve a common goal – the responsible development of Namibia’s energy resources that opens up new plays and attracts further upstream investment. We are confident that there will be a tremendous discovery that will open other onshore plays in Namibia,” states NJ Ayuk, Executive Chairman of the AEC.
Distributed by APO Group on behalf of African Energy Chamber.
A.I
July 09, 2024 @ 17:37 GMT|
Tags: NAMCOR
