DGAP-News: African Energy Chamber: Oil Discovery in Namibia's Kavango Basin Represents Hope for Namibians and the Environment (By NJ Ayuk)
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Friday, August 6, 2021
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Six months ago, Canadian oil and gas company Reconnaissance Energy Africa Ltd. ("ReconAfrica") began exploratory drilling in the deep Kavango Basin of northeast Namibia and into northwest Botswana.
Key Points:
- Six months ago, Canadian oil and gas company Reconnaissance Energy Africa Ltd. ("ReconAfrica") began exploratory drilling in the deep Kavango Basin of northeast Namibia and into northwest Botswana.
- ReconAfrica now owns a 90% interest in the Kavango Basin, and NAMCOR holds the remaining 10% interest.
- Based on their commercial success, the agreement entitles ReconAfrica to a 25-year production license over any commercial discovery.
- But it's a fallacy to think that oil production in the Kavango Basin will crowd renewables out of the marketplace.