Project Profile
Value: Undisclosed
Location: off the coast of Namibia
Start-up Year: -
Area: 11,730 square kilometres
Water Depth: 1,200 to 3,000 metres
Petroleum exploration licence 0029 includes blocks 1910B and 2010A which cover 11,730 square kilometres in the offshore Walvis basin in water depths ranging from 1,200 to 3,000 metres. Global holds an 85% stake in the licence, while Namibian state petroleum company Namcor has a 10% carried interest and a private company, Bronze Investments Namibia, has a 5% free carry. The entire Walvis basin is significantly underexplored although the wells drilled to date have encountered multiple potential source rock and reservoir intervals and in a number of cases hydrocarbon shows. Following a two wells drilling programme in the mid 1990’s, both of which were close to Global’s blocks, Norsk Hydro concluded that the analysis of oil shows in one of the wells provided compelling evidence of the existence of a working petroleum system in this part of the basin.
The interpretation of 2D seismic data (2,800km) which was shot in the 1990s confirmed the presence of two multi-billion barrel leads (Structures A and B) and accordingly Global commissioned a high resolution 2D seismic acquisition programme of approximately 2,000km over its acreage, which completed in 2011. The company received the results of the interpretation in mid-2012 which confirmed the presence of structures A and B, while also revealing further potential leads. The 2D seismic data also showed AVO anomalies as well as direct hydrocarbon indicators, including pock marks that are potential evidence of escaping gas or (gas chimneys). These gas chimneys show good correlation with faulting evident on the seismic lines. That means that there remains good potential for trapping mechanisms and regional seals. The acquisition of high resolution 2D seismic fulfils Global’s work obligation for the initial phase of the Petroleum Agreement which runs to December 2014.
Operators:
Global Petroleum: Operator with 85% interest
Namcor: 10% interest
Bronze Investments Namibia: 5% interest
Contractors:
SeaBird Exploration: 2D seismic acquisition program