Oil and gas exploration company Global Petroleum has received approval from Namibia’s Ministry of Mines and Energy to proceed with the first renewal period of the offshore Walvis Basin Petroleum Exploration License (PEL) 94 in the southern African country’s Block 2011A.
The work commitment for the period will span two years, from September 2023 to September 2025, and will involve the acquisition, processing and interpretation of 2,000km of 3D seismic data carried over from the current initial exploration period.
Global Petroleum and the Ministry have agreed to the drilling of a contingent well based on the seismic results.
“We are delighted to enter the next phase of PEL 94 with its promising potential and the flexibility offered by a two-year term, benefitting both us and our partners,” stated Global Petroleum CEO, Peter Hill, adding, “We extend our gratitude to the Ministry of Mines and Energy for the ir support.”
Global Petroleum announced in March 2023 that the prospective resources from the Marula and Welwitschia Deep prospects may hold 411 million barrels and 881 million barrels of oil, respectively.
Global Petroleum also announced that the Ministry of Mines and Energy has waived its usual obligation to relinquish 50% of the license area at the conclusion of the initial exploration period.
As such, Global Petroleum and its partners will retain the entire prospectivity of the license upon entering the first renewal period.
Encompassing an area of 5,798km2 in Namibia’s offshore Block 2011A, and situated in water depths ranging from 450m to 1,550m, Global Petroleum holds a 78% participating interest in PEL 94, while Namibia’s National Oil Company, Namcor, owns 17%, with the remaining 5% being held by investment company, Aloe Investments Two Hundred and Two.
