Oil giant BP has entered the oil rush in Namibia by clinching 25 per cent of the equity in Chariot Oil & Gas’ exploration license in the orange Basin. The transaction is in the form of a farm-out agreement and was conducted through Enigma Oil & Gas Exploration, a wholly-owned subsidiary of Chariot. The new share structure of Block 2714A is Petrobras, as operator, with 50 per cent, with BP and Chariot sharing the remaining interest. The partners hope to strike an estimated nine billion barrels of oil.
Aug 10, 2011
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