Oil reserves found off Namibia coast – report


A company owned by Chariot Oil and Gas Ltd (CHARC.L: Quote) has found an estimated 11 billion barrels in oil reserves off Namibia’s coast, AFP news agency reported citing Mines and Energy Minister Isak Katali.

“Katali said that Enigma Oil and Gas, owned by London-listed Chariot Oil and Gas, has identified 11 prospects along the southern coast,” AFP said.

The largest of these is the Nimrod Prospect, at a depth of 350 metres, it quoted Katali as telling parliament. Lydia Amutenya, a public relations officer at the mines and energy ministry, said she had not seen Katali’s statement to parliament as she had been away when it was prepared, Reuters reports.

Katali said first production could begin as early as 2015,AFP reported.

In March, Chariot’s chief executive said the company expected to raise the amount of oil it believed it could tap at an important drilling site off the coast of the African country.

Namibia, largely known for its uranium deposits, has the same geological formations as Brazil, where recent oil finds have raised hopes for similar discoveries across the Atlantic.