Namibia's exploration drive goes on despite setbacks
Drilling success remains elusive, but Namibia’s offshore is on the map once more for explorers
Namibia has no proven oil reserves, having been largely shunned by regional explorers over the years in favour of better-established hydrocarbons plays, such as its neighbour Angola. But the impact of a higher oil price and lower drilling costs means Namibia's upstream is finally getting some serious attention from drillers. ExxonMobil recently expanded its presence in offshore Namibia, agreeing in August to acquire a 30% stake in petroleum exploration license 44 (PEL 44), in the Walvis Basin offshore from Azinam, subject to final government and regulatory approvals. "It provides verification of our belief in the prospectivity in this region and importantly also confirms the significant sc
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