A Brazilian energy firm has announced the first discovery of oil off the coast of Namibia.
Rio de Janeiro based HRT found oil in the Wingat exploration well in the Walvis basin, although not in commercial volumes yet. Findings have led to HRT identifying “two well-developed source rocks” and “several thin-bedded sandy reservoirs that are saturated by oil”.
Milton Romeu Franke, CEO of HRT said: “We are pleased with Wingat-1 overall results. The confirmation of the presence of high quality source rocks that are clearly in the oil-generation window, coupled with the IFA formation testing, which recovered light-oil from the reservoirs we penetrated, were major achievements obtained by this well. The find and recovery of the first oil offshore Namibia make us feel confident that we will achieve our goals that were set for our drilling plans in the country.”
The company said work would begin at a second exploration location 15 kilometres to the west in two weeks time.
Namibia currently has no oil production and no proven reserves. However, it is believed to have proven gas reserves of two trillion cubic feet.