Agency Report

Namibia’s state-owned oil company on Friday said Shell and Qatar Energy had discovered light oil deposits offshore, but had yet to determine how large or viable they were.

“We are pleased to announce that the Graff-1 deep-water exploration well, 270 kilometres (165 miles) from the town of Oranjemund, has made a discovery of light oil in both primary and secondary targets,” the National Petroleum Corporation of Namibia said in a statement.

Further work is needed to determine the quality, size and viability of the reservoir, it added.

“We hope that this discovery puts to rest doubts about the hydrocarbon potential of Namibia and opens a new dawn in the country’s future prosperity,” NAMCOR managing director Immanuel Mulunga said in the statement.

Namibia does not currently produce any fossil fuels, although its northern neighbour Angola is a major producer.

AFP