Massive Oil Reserves Discovered in Namibia

In a development that is set to place Namibia on the world map of oil-rich nations, an estimated 11 billion barrels of oil reserves has been discovered around Namibia’s southern coast.

Namibia’s Mines and energy Minister Isak Katali announced that Enigma oil, owned by London based Chariot oil and Gas had identified 11 prospects along the Southern coast.

“Chariot Oil and Gas Ltd (CHARC.L) it has been reported discovered the Nimrod Prospect which is claimed to be the largest at a depth of 350 metres” Katali was quoted as saying.

The first production of oil reserves is rumoured to begin as early as 2015.

Namibia which is notably known for its uranium has similar geological deposits as Brazil, where it has been suggested that recent oil findings could raise hopes for the Atlantic Country.chariot-gas-and-oil

The current estimates may put Namibia on the world map as one of Africa’s oil rich countries. Libya currently has the largest reserves in Africa and the ninth largest in the world with 41.5 billion, followed by Nigeria which as of 2007 had 36.2 billion of proven oil reserves.

The development the first of its kind in southern Africa, may in the near future lead to a reduction in fuel prices in the SADC region.