Geologist: Namibia Has Huge Oil Potential

July 11, 2011
Geologists have long said that Namibia has the same geological formations as that of Brazil, which indicates that the Southern African country has huge oil potential. Discovery of huge oil reservoirs in Angola, Brazil have raised hopes for similar finds across the Atlantic.

On Wednesday, Namibia's Mines and Energy Minister, Isak Katali told the Parliament this past week that drillers had found an approximately 11.2 billion barrels of crude off the Atlantic coast. Experts have warned that the recent oil findings in Namibia will be a huge challenge for Brazil.

A subsidiary of London-listed Chariot Oil & Gas, Enigma Oil and Gas found about four billion barrels of oil in Southern Block 2714A. The company has been drilling in Block 2714A, in which it has an even shareholding with Brazilian oil and gas major, Petrobas.

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