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Energulf Resources estimates over 23 billion bbls of oil in offshore Namibia block

Oilfield Technology,

EnerGulf Resources Inc. has announced the results of a report into the 2.2 million acre Block 1711, located offshore Namibia. The Prospective Oil and Contingent Gas Resources Report prepared by the firm Netherland Sewell and Associates Inc. includes an unrisked gross mean estimate of potentially 3.166 Billion barrels of oil on the block.

The new prospective resource estimates released in the report are based on nine leads and four prospects on Block 1711.

EnerGulf management plans to run a 3-D seismic program over the block this year to delineate the targets in greater detail as well as identify additional ones. Plans for drilling will be finalised once a new operating partner is secured.

Interest in offshore oil exploration in Namibia has spiked recently as many large oil companies seek to secure partnerships in an area that many see as the next great African oil rush. To date fewer than 20 wells have been drilled in the waters off Namibia. A stark contrast to this is Angola, Namibia’s neighbour to the north. Angola produces 1.7 million bpd.

In the past year the major Brazilian firm Petrobras as well as BP have both taken stakes in exploration blocks in Namibia. Petrobras’s interest in Namibia is especially notable because of the similarities many industry experts draw between the geology on the opposite side of the Atlantic off of Brazil and Namibia’s Namibe Basin.

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