The export of up to 50 000 barrels of oil out of the Port of Walvis Bay is on the cards if a project in the Kavango Basin, located in both Botswana and Namibia, pays off.
Grayson Andersen, head of Capital Markets at Recon Africa, told delegates at the annual African Oil Week taking place in Cape Town this week that Namibia was currently the hot spot for the oil and gas industry, thanks to the ongoing finds in the area.
He said Recon Africa had just completed drilling of its third exploration well and the results were extremely positive. Drilling of a fourth well is expected to start in the coming weeks.
“We are targeting over two million barrels. Our area of 8.5 million acres is one of the largest undeveloped onshore basins globally.”
He said, once commissioned, production would start small and build up over time. “Our initial target is the export of 50 000 barrels per day that will be moved by truck and rail to the Port of Walvis Bay for export. As the project scales up and upgrades, the long-term plan will be to build a pipeline from the Kavango Basin to the port for exports.”
* This story has been updated since it was first posted.
For the record
The following clarification was received from Grayson Andersen, head of Capital Markets at Recon Africa, with reference to the article "Oil from (O)Kavango on the cards” which was published in Freight News on 5 October 2022.
"I said that initial plans for production were for 25 000 bbl/d with potential for maybe as much as 50 000 bbl/d. Secondly, I said the well was drilled successfully with evaluation ongoing; I did not say the results were "extremely positive".
"Finally, I said that our prospective resource, as prepared by NSAI, our third-party resource evaluator, had identified over one billion barrels of prospective resource (the two billion barrels of prospective resource, not per day, I believe is attributed to the potential offshore for TotalEnergies)."
