Namibia+Petroleum

= Recent Off shore Petroleum Discoveries Likely to Attract Chinese Investments =

Executive Summary:
There are no proven oil reserves in Namibia. However, recently discovered offshore oil fields likely to attract Chinese investment over the next five years. Gazania 148 Investments, a Chinese investment firm, will have a 75 percent working interest in the project with EnerGulf Resources  sharing 15 percent working interest in block 1711 off the coast of Namibia. The National Petroleum Corporation of Namibia (NAMCOR) with 10 percent carried interest to production. EnerGulf Resources has estimated the reserves in block 1711 to be around 3.17 billion barrels. USD 40 million has been invested for initial exploration for the first four years. These recent discoveries in offshore petroleum are estimated to hold 11 billion barrels.

Analytic Confidence:
Analytic confidence for this assessment is medium. Source reliability is medium. There is no conflict between sources. The analyst had low expertise, worked alone, and did not use structured analytic methods. The subject is moderately complex and the deadline was easy to meet.

Analyst:
Sean Dailey sdaile35@lakers.mercyhurst.edu