Pancontinental Oil and Gas has signed a petroleum agreement (PA) over a 10,947km² exploration area in the Orange Basin offshore Namibia.
The agreement was reached with the Ministry of Mines and Energy of Namibia and Namibian partners and is related to Block 2713.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company operates the project with a 75% interest, while its Namibian partners Custos Investments and National Petroleum Corporation of Namibia (Namcor) hold 15% and 10%, respectively.
Under the agreement, the company is expected to receive a new petroleum exploration licence (PEL) over the area.
Pancontinental Oil and Gas CEO John Begg said: “We believe that offshore Namibia is one of a select few areas around the world with the potential for large oil discoveries in modest to deep water that can be profitable at prevailing oil prices, and highly profitable at better prices.
“Our mapping already shows leads in play trends with very large oil volume potential. Further, we plan to apply our proven skills to bring the oil potential of this project into an up-to-date context that is attractive to wider industry investment.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“The new licence complements our existing strong position in PEL 37 in Namibia that is operated by Tullow and where ONGC Videsh and African Energy have also recently invested with us.”
Marking the company’s second block award offshore Namibia, the block has an initial period of four years.
The company is planning to undertake an exploration programme over the block.
According to Pancontinental, block 2713 is prospective for oil, with mature oil source rocks and the potential for oil traps.
Exploration activities such as data acquisition, initial geological and geophysical mapping, as well as compilation of leads and prospects, have already started on the new site.
The ongoing exploration work focuses on prospective ‘fairways’ and potential traps.
