There could be more elephants lurking offshore West Africa. According to Joe Vatanavi Mazeingo, managing director of Namibia's state oil company, Namcor, the next elephant could lie beneath the waters of Namibia's offshore.
Mazeingo shared his views at the Offshore West Africa conference in Windhoek, Namibia, March 11.
Though Namibia only gained independence in 1990, the country has made tremendous progress in preparing itself to compete for international exploration dollars. By 1991, the country had already set up petroleum legislation. Reasonable terms make working offshore Namibia appealing, Mazeingo said.
These terms coupled with a stable government might well tempt more investors to take a chance on Onjou in the Orange basin, the southernmost basin offshore Namibia, where the Kudu gas field is located. A 1,060-km seismic survey is planned for Onjou in the near future, Mazeingo said. Only six exploration wells have been drilled over Namibia's other three offshore basins, leaving a vast area completely unexplored.
The Onjou prospect is of particular interest, Mazeingo said, because it could hold 5 Bbbl of oil. Onjou means elephant, Mazeingo explained. "This is one elephant begging for exploration."