BP Increases Stake in Block 2714A, Offshore Namibia

BP Increases Stake in Block 2714A, Offshore Namibia

BP has acquired a further 20% equity interest in Block 2714A, offshore Namibia, from its partner in the license Petrobras, reports Chariot Oil & Gas.

Chariot, also a partner in the licence, explains that, following the agreement between BP and Petrobras, the ownership of Block 2714A now stands at Petrobras (Operator) 30%, BP 45% with Enigma Oil & Gas Exploration (Pty) Ltd. (Chariot’s wholly owned subsidiary) remaining at 25%.

This change to the equity ownership does not affect the current programme for Licence 20, which contains the drill ready prospect Nimrod. As announced previously, the partnership plans to drill exploration well Kabeljou-1 on the high impact Nimrod prospect in the second half of 2012.

Paul Welch, CEO of Chariot, commented:

“We are pleased to note BP’s increased equity holding in Licence 20 and continue to look forward to the drilling of Kabeljou-1 in the second half of this year.”

Chariot Oil & Gas,an independent oil and gas exploration group, owns licences covering eight offshore blocks in Namibia. All of these blocks are currently in the exploration phase.

This is the second news in two days regarding the BP’s involvement in exploration offshore Namibia. Yesterday, Serica Energy reported that BP would be joining Serica in the exploration of Licence 0047 offshore Namibia by farming-in to Serica’s interest.

Offshore Energy Today Staff, March 16, 2012