Australian Global Petroleum Hopes to Find Large Deposits of Oil Offshore Namibia
Australian oil and gas company Global Petroleum said today that the Namibian Ministry of Mines and Energy has given permission for the company and its partners to proceed to the first period of the PEL 94 license extension in the Walvis Basin until September 2025.
The tasks of the first renewal period of the PEL 94 license include the collection, processing and interpretation of 3D seismic data and the drilling of a well, depending on the results of their interpretation.
Drilling in the Orange Basin by Shell and TotalEnergies to date strongly suggests that Namibia has become a world-class oil province in terms of the scale of probable resources.
The Venus-1X and -1A wells of TotalEnergies, as well as the Shell Graff-1, La Rona-1 and Jonker-1 offshore fields, are located in the southern part of the Namibian shelf, about 1000 km south of the Global PEL 94 license. 5,798 square kilometers with a water depth of 350 to 1,550 meters.
Global Petroleum believes that there are common sources and reservoirs between the Shell and TotalEnergies discoveries in the Orange Basin and PEL 94.
The company believes that the Walvis Basin, where PEL 94 is located, could also be extremely successful, but has the advantage of much shallower water than openings to the south, resulting in a significant reduction in drilling and development costs if exploited.
Water depth is approximately 1000 meters at the Marula and Welwitschia Deep fields in PEL 94 versus approximately 3000 meters at Venus-1X. Drilling depth from the seabed to the expected depth of exploration is about 1500 meters in PEL 94 compared to over 3000 meters in Venus-1X.
On March 27, 2023, Global Petroleum published an Inferred Resources Update stating that during operations at its main Marula facility, Gross Inferred Resources increased from 218 million barrels to 411 million barrels, an 89% increase.
Global is the license operator with a 78% share. Its partners are NAMCOR with 17% and Aloe with 5%.
