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Oil exploration in Namibia
Large petroleum companies are currently exploring the possibility of oil discovering off the Namibian coast, it contains an estimated 3.16 billion barrels of potentially recoverable oil.Oil and gas Exploration Company such as EnerGulf Resources have announced that its Block 1711 which covers an area of 8 900 square kilometers that is situated off the northern coast of Namibia close to the international boundary with Angola.
Namibia was unaware that there might be a possibility of oil in the country until petroleum companies started doing research and according to their research, there is oil in Namibia. According to a report issued by independent oil and natural gas reservoir engineers Netherland Sewell and Associates (NSAI) , Block 1711 offshore Namibia contains between 742 million and 6.1 billion barrels, with a gross net to EnerGulf of 474.9 million barrels. Exploration for oil means drilling many wells and this could damage the environment. Exploration is a long-term, highly risky thing.
Since research started many companies have been striving to acquire exploration license. If any exploration of oil is successful it could have positive impacts on the counties economy.These are, however, only potential reserves and until exploration wells are drilled nothing can be guaranteed.The actual full-scale oil production could begin EnerGulf estimates that it would take about three years from the first discovery .If EnerGulf first exploration well proves to be commercially viable, one could therefore expect production to come on stream in 2015.
Economic impact
Oil extraction will provide large scale of employment, is will sufficiently reduce the unemployment that is currently effecting our economy and forcing almost half of the population in poverty. Consumers will be reliefed because oil price would decrease because oil will be directly supplied in our local economy and complementary products that consume refined oil like petrol prices will decrease such as cars. The extraction would play an important role in the production of new products or existing by products and Large petroleum companies will contribute to the expansion of local companies especially when distribution channels and retailers come into play. The GDP will be high,market can grow beyond it’s size and Namibia will have a wealthy economy especially from the billions of dollars that will be invested into oil exploration.
Reference
www.alibaba.com/countrysearch/NA/oil.html
www.ecooilandgas.com/
www.newera.com.na/.../Claims-of-multi-billion-barrel-oil-find-in--N...
External links
<a href="http://www.indexmundi.com › Namibia › Economy/"a>www.indexmundi.com!</a>
<a href="http://www.mbendi.com › The World › Africa › Namibia/"a> www.mbendi.com!</a>