BP Plc is expanding investment in Namibia by buying into Serica Energy Plc (SQZ)’s offshore blocks as explorers seek oil under a layer of salt off the African coast, Bloomberg reported yesterday.
The announcement follows on the heels of a high-level delegation of BP meeting with President Hifikepunye Pohamba at State House last Wednedsay. At the meeting, Michael Daly, executive vice president of exploration at BP, told Pohamba that the company is extremely optimistic about its chances to strike oil offshore Namibia.BP will take 30 per cent of Serica’s Namibian license, cover past costs and pay for a 3D seismic survey. Serica has signed a contract for seismic surveys of the Lüderitz Basin blocks, it said separately.The transaction follows BP’s agreement with Chariot Oil & Gas Ltd in August to buy into Namibian blocks. Companies are exploring under a salt layer off Africa’s Atlantic shoreline that may hold 75 billion barrels of resources. Cobalt International Energy Inc (CIE) said in January it found a 1 180-foot column of oil off the coast of Angola, to the north of Namibia.’With BP now participating in the exploration effort, we are able to make a very fast start to what is likely to be a considerable and potentially very rewarding exploration program,’ Serica chief executive officer Tony Craven Walker said in the statement. – Own report and Bloomberg
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