Emma Kakololo
19 August 2004
Windhoek — AS petroleum prices escalate, the Government has never been more adamant in its quest to find black gold off Namibia's coast.
In less than 18 months, the Ministry of Mines and Energy has issued three reconnaissance licences to international companies.
The third petroleum reconnaissance licence was issued this week to American oil company, Hunt Oil, to explore petroleum in the Lüderitz Basin.
"The licence will allow Hunt Oil to undertake reconnaissance activities for the period of twelve months up to September next year," said Minister of Mines and Energy, Dr Nickey Iyambo, in a press statement.
"At the end of the term of this licence and depending on the outcome of the reconnaissance activities, Hunt Oil intends to continue its exploration activities in Namibia by applying for an exploration licence over the same license area," he said.
The two licences were issued to First African Oil Corporation to search for petroleum in Etosha and Owambo Basin while INA Industrija would search the Nama Basin.
Iyambo was certain that the country's competitive fiscal terms, favourable investment climate as well as the current favourable oil prices on the international market were factors attracting more and more international oil companies to Namibia.
According to the Country Managing Director of INA Industrija, Mohamed Amar, his team arrived last month in the country and their preliminary results will be made available in November this year.
"If you look at the geographical map, we (Namibia) are at the border of Angola. It is very possible that Namibia has oil," he said.
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