Namibia's Offshore Exploration

An oil-platform of the deep sea exploration for oil and energy at Namibian offshore. New Delhi:   ONGC Videsh Ltd ( OVL ), the oversea...

An oil-platform of the deep sea exploration for oil and energy at Namibian offshore.

New Delhi: ONGC VideshLtd (OVL), the overseas subsidiary of India’s state-owned petroleum explorer Oil and Natural Gas Corporation (ONGC) today announced it has completed the acquisition of 30 per cent interest in an oil block in Namibia from Tullow Oil. OVL did not disclose the value of the deal. The company said in a statement it “has completed the acquisition of some 30 per cent PI in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements, Offshore Namibia from Tullow Namibia Limited, a wholly-owned subsidiary of Tullow Oil plc.”

Tullow, with the remaining 35 per cent Participating Interest, will continue to remain the operator of the License. Other partners in the block include Pancontinental Namibia (Pty) Limited with 30 per cent Participating interest and Paragon Oil and Gas (Pty) Limited with 5 per cent Participating interest.

“The completion of the present transaction marks ONGC Videsh entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing Exploration and Production (E&P) portfolio,” OVL said.



After this acquisition, ONGC Videsh now operates 39 projects in 18 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam and New Zealand. OVL currently produces around 267,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves (2P) of around 704 million tonne of oil equivalent (MMTOE) as on 1t April, 2017.

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Namibia's Offshore Exploration

Dredging vessel in Namibian Offshore deepwater drilling along Walvisbay coast

Offshore diamond mining is a relatively lucrative science. The process has been refined by diamond producer Debmarine Namibia, which is a joint venture between DeBeers and the government of Namibia. Angelo Coppola spent some time on board one of their vessels 40 kilometers off the Namibian coast.Debmarine Namibia (Pty) Limited is owned wholly by Namdeb Holdings (Pty) Ltd, which itself is a 50/50 joint venture between the Government of the Republic of Namibia and De Beers Centenary AG.

The company mines off the south west coast of Namibia in the Atlantic occean. Debmarine Namibia have five mining vessels that actively operating in Namibia's waters. The vessels are mv Debmar Atlantic, mv Debmar Pacific, mv !Gariep, mv. Peace in Africa and mv Grand Banks. Today, Debmarine Namibia accounts for more than half the total diamond production in Namibia. Offshore deposits are estimated to be 80 million carats. Mining takes place on the ocean floor at water depths ranging from 70 to 140 meters.

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End Note: About 89 per cent interest in an energy,resources and gas petroleum exploration in Namibian Offshore Mining is owned by foreign conglomerates and multinatinational cartels. That enjoying government lapsed policy and used Namibian cheap labors as a grotesque of getting a greenlight (mining recessions) and leaping an enormous profit at the end...The deficiency that exists within Namibian domestic economy and an inadequant of local spending has always garner the state into a vicious bankruptcy. This kind of economical mayhem is largerly cascaded due to the variability that exist in state's policy, to nationalize or to equalize its domestic earning vice verse to the profits made by multinationals.