Chariot Undeterred by Drilling Misses in Namibia

UK’s Chariot Oil and Gas Limited is still unable to strike commercially viable oil finds in Namibia despite years of exploration. But Larry Bottomley, CEO of Chariot, said that they are analyzing technical data from unproductive oil wells and are using these to help pinpoint possible productive fields worthy of oil exploration.

About six years ago, explorers struck significant oil finds in Namibia’s Tupi region. This discovery has led a good number of oil drillers to believe that the country’s coastal shelf holds oil reserves comparable to that of Brazil’s. Chariot and two other oil firms even managed to invest in oil exploration in the region but, to this date, no significant finds have yet been reported.

Bottomley, however, isn’t giving up easily on Namibia. He said that, while there are no substantial discoveries of hydrocarbon buildup in the region, oil drilling and exploration in the area hasn’t peaked either.

He said that all that is needed is a single viable find and, with the help of research and analysis, a string of discoveries could be underway.

He was pleased to add that they have pinpointed a possible oil hot spot in the south of Namibia, but they will have to further analyze data before moving on to site potential drilling locations. He disclosed that there are about 11 oil wells drilled in the country, with another 3 or 4 to be drilled by two other oil companies within the near term.

He mentioned that the successes within the Gulf of Mexico and the North Sea didn’t come easy either.  Huge discoveries came only after more than 20 oil wells had been drilled for each of these two regions.  In the case of Namibia, oil drilling stats are still a far cry from this number.

Aside from those in Namibia, Chariot also operates oil wells in Morocco and Mauritania. With the rise in crude oil prices over the past four years, the company has seized the opportunity to ramp up oil investment and exploration. It is undeterred by the recent slide in crude prices and remains optimistic regarding its oil exploration projects.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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