8 April 2008
Windhoek — THE Russian company Sintezneftegaz Namibia has announced that it has started drilling the first oil exploration well in Kunene structure of Block 1711 situated offshore about 60 km from the coast and 750 km from Walvis Bay.
Sintezneftegaz Namibia said it was undertaking the venture with its partners Energulf Namibia, Namibian Petroleum Corporation, PetroSA and Kuene Energy.
The company said it intended a 4,4 km depth drilling, but if necessary it would consider the possibility to drill to the depth of 5,5 km water depth at the drilling location is 776m.
The first exploration well drilling will be carried out by the 'Deep Venture' vessel which arrived in the country from Angola last week.
"It should be emphasised that it is the first ever offshore exploration in the northern part of this southern African country and it will bring unquestionable benefits to Namibia, not only in the case the oil will be found but also it will revel and provide invaluable geological information on the area," said a statement issued by the Sintez Group, which owns Sintezneftegaz Namibia.
The company said the prospecting drilling results would allow evaluation of the deposits of the Namibe Basin through obtaining information on the regional geology and oil-and-gas bearing capacity of the basin based on actual drilling.
Sintez Group is a diversified Russian company, comprising investment and production companies active in oil and gas and energy-related sectors, as well as real estate development and construction.
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