Govt promoting oil exploration opportunities

A delegation from the Ministry of Mines and Energy and the National Petroleum Corporation of Namibia (Namcor) headed by Minister Nickey Iyambo is visiting the United Kingdom and United States to promote new Namibian petroleum exploration opportunities in these countries.

Promotion seminars were held in London last week, while another was scheduled for yesterday in Houston, Texas. Presentations included reviews of Namibia’s legal and fiscal systems, particularly in relation to petroleum exploration and technical overviews of the oil prospectives in the country.According to a press release from the Ministry of Mines and Energy, the opportunities that were presented at the seminars had already created “considerable” interest among the international oil community.The Ministry also said new seismic and geochemical data had been acquired offshore Namibia, and would form the basis on which the new opportunities would be presented.Changes to the petroleum tax system have also been introduced in order to encourage interest in exploration.”The recent signing of a joint development agreement for the Kudu Gas Field between Energy Africa, Namcor and NamPower and the award of a reconnaissance licence to Hunt Oil in August reflects the renewed interest in the Namibian offshore,” read the statement.The Ministry said applications for new exploration licences must be received by the end of November.Presentations included reviews of Namibia’s legal and fiscal systems, particularly in relation to petroleum exploration and technical overviews of the oil prospectives in the country.According to a press release from the Ministry of Mines and Energy, the opportunities that were presented at the seminars had already created “considerable” interest among the international oil community.The Ministry also said new seismic and geochemical data had been acquired offshore Namibia, and would form the basis on which the new opportunities would be presented.Changes to the petroleum tax system have also been introduced in order to encourage interest in exploration. “The recent signing of a joint development agreement for the Kudu Gas Field between Energy Africa, Namcor and NamPower and the award of a reconnaissance licence to Hunt Oil in August reflects the renewed interest in the Namibian offshore,” read the statement.The Ministry said applications for new exploration licences must be received by the end of November.