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Der Fisch stinkt!!
Search for Namibian petroleum continues
CHRISTOF MALETSKY
AMERICAN company, Vanco International, plans to start drilling in search for oil in its licence area 1711 in the Namibe Basin this year.
Vanco says in its latest publication about the company's involvement in deepwater exploration in Africa that it plans to drill six exploration wells offshore Namibia, Equatorial Guinea, Ivory Coast and Morocco.
The company, in partnership with National Petroleum Corporation (Namcor) and empowerment group Pamue Investment, has completed the seismic work.
It said the Namibe Basin had no well history but contains interesting features that suggest the area has significant oil and gas potential.
Vanco said a study of the Kunene Prospect, a huge structural feature in the Namibe Basin, showed that the structure was a drowned carbonate buildup lying 2 000 metres below the ocean floor and sealed by a thick tertiary shale sequence in about 900 metres water depth.
The company said it had also started investigations to the Hartmann Prospect, which lies to the south of the Kunene Prospect.
It said the Hartmann Prospect appear to be a stratigraphically trapped carbonate buildup that should also be oil-prone.
Vanco President Gene Van Dyke said they believed so much in the potential of the licenses in Namibia, Equatorial Guinea, Ivory Coast and Morocco that they invested more than US$30 million last year.
He said studies indicated that Vanco has as much as eight billion barrels of oil under license in deepwater off the western coast of Africa.
Government awarded a petroleum exploration licence to a consortium led by Vanco International in 2000.
Vanco holds an 88 per cent stake in the consortium. Namcor has nine per cent and Pamue three per cent with Vanco being the operator.
The northern end of the 8 931 square kilometre concession forms the international boundary between Namibia and Angola.
Vanco's petroleum exploration licence was the first to be awarded since Namibia converted to an Open Bidding System in 1999.
The area is said to have many of the geological characteristics of the deep-water basins in neighbouring Angola which have produced a number of major discoveries.
Vanco's joint venture team in Houston has placed high priority on the promotion and further exploration of the licence area in the Namibe Basin.
The company has 26 million gross acres under licence in seven countries, making it the leading deep-water acreage holder offshore Africa.
Vanco und weiiter Vanco Awarded License Area 1711 Offshore Namibia
HOUSTON--(BUSINESS WIRE)--June 14, 2000--Vanco Energy Company, through its subsidiary Vanco International Ltd., has signed a Petroleum Agreement with the Government of Namibia for License Area 1711 offshore Namibia. This is the first license awarded since Namibia converted to an Open Bidding System last year, and is the only License in offshore Namibia except Kudu in the southern part.
The License covers 8,931 square kilometers (2.207 million acres), and is situated in the Namibe Basin off the northern coast of Namibia on the international boundary with Angola. Although some of License Area 1711 lies onshore, the primary area of interest lies offshore in water deeper than 200 meters (see attached map).
Early seismic covering the northern sector of the block shows at least one huge structure, probably Cretaceous in age. Vanco intends to acquire more 2D and 3D seismic during the initial two-year period, and has the option to pursue an exploration period consisting of 2D and one well in the second two-year period.
" License Area 1711 has many of the geological characteristics of the deepwater basins in neighboring Angola which have produced a number of major discoveries," says Vanco's President Gene Van Dyke.
Interest in License Area 1711 is shared by Vanco (88%), The National Petroleum Corporation of Namibia (Namcor) (9%), and Pamue Investment Corporation (3%), with Vanco being the operator.
The License Area 1711 award ties into Namibia's and Angola's mutual interest in the Namibe Basin, which extends into Angola, and which has never been tested on either side of the border. Namcor and Sonangol, the national oil company of Angola, are conducting a joint study to develop common plays for future exploration. When completed, results of the study will be jointly presented to the international oil community.
As Operator, Vanco will establish an office in Windhoek, headed by Klaus Endresen. Vanco is a U.S.-based independent with activity offshore the Netherlands and West Africa. The company ranks as the leading deepwater acreage holder in West Africa with licenses in Gabon, Morocco, Cote d'Ivoire, Senegal and Equatorial Guinea. Namibia's License Area 1711 brings the company's net acreage holdings to 20 million acres.
Vanco plans to conduct a regional 3-D seismic program later this year on all of its licenses where it operates, including Namibia's License Area 1711.
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