Namibia makes third offshore 'light oil' discovery

Windhoek: Namibia announced on Monday the discovery of light oil off the country’s southern coast, the third such find in a year. “We are delighted to announce this third oil discovery,” state-owned oil firm National Petroleum Corporation of Namibia (NAMCOR), said in a statement. Further work is needed to determine the quality and size of the reservoir, located in deep water, some 270 kilometres offshore. “This discovery has proven the exciting and world-class potential of the deep-water Orange Basin,” it said. Shell and QatarEnergy each hold 45 percent interest in the joint venture with NAMCOR having 10 percent of the partnership. This is the second find by the joint venture between Shell, QatarEnergy and NAMCOR, the first having been made in February last year. A few weeks later France’s TotalEnergies announced the second discovery. Namibia does not currently produce any fossil fuels, although its northern neighbour Angola is a major producer. The promising result of the well “are a geological testimony of the significant hydrocarbon potential in the deep water,” NAMCOR said. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.