• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 10 hours California's Oil Industry Collapses Despite Shale Boom
  • 14 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 2 hours Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 18 hours IMO2020 To scrub or not to scrub
  • 13 hours UK Needs New Wind Turbines
  • 12 hours Will Canada drop Liberals, vote in Conservatives?
  • 5 hours Shale to be profitable in 2019!!!
  • 8 hours Greenpeace Blocks BP HQ
  • 4 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 18 hours The Consequences: Full-Blown Trade War Will Push World Towards Recession
  • 15 hours Australian Voters Reject 'Climate Change' Politicians
  • 15 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 14 hours methanol fuel cells
  • 8 hours Get First Access To The Oilprice App!
  • 15 hours Wonders of Shale- Gas,bringing investments and jobs to the US
Why Oil Is Still Underpriced

Why Oil Is Still Underpriced

Oil prices are pulled in…

No, The Oil Glut Hasn’t Disappeared

No, The Oil Glut Hasn’t Disappeared

Weaker than expected oil demand…

BP Exploring for Oil in Namibia

BP has taken 25 percent equity in Chariot Oil & Gas' exploration license in Namibia’s Orange Basin.

BP acquired its share through Enigma Oil and Gas Exploration, a wholly owned subsidiary of Chariot. The new share structure of Orange Basin Block 2714A has Brazil’s Petrobras as operator with 50 percent, with BP and Chariot sharing the remaining interest.
The venture hopes to develop an estimated nine billion barrels of oil at the site.
 
BP will pay for Chariot's cost of drilling the first exploration well, scheduled for next year, while also covering past costs incurred, The Namibian reported.
 
Chariot chief executive Paul Welch said that BP's "global expertise of deep water exploration and related petroleum systems is exceptional" and that its role in the oil hunt will be "invaluable," adding, "It has been a key strategic objective for us to farm down our assets to facilitate exploration drilling, retain capital and mitigate risk."
 
Namibia’s Block 2714A is situated in the country’s offshore Orange Basin and comprises more than 52,116 square miles. Chariot also holds exploration licenses in the Namibe Basin north of the Walvis Ridge, as well as central blocks straddling the Lüderitz/Walvis Basins. In total the Orange Basin Deep Water License Area covers 16,600 square miles.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment
  • nathan on July 11 2012 said:
    Funny how Namibia had to become independent from South Arica first (Resoution 435), before this discovery (disguised as a found fortune) could be made (or should I say revealed, as the discovery of that oil was made decades ago). Go figure. Wonder how much oil there is in South Africa itself...

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News