Namibia : Chariot Oil and Gas renounces offshore blocks 2714A and 2714B
Chariot Oil and Gas in Namibia chose not to renew its exploration contract on offshore blocks 2714A and 2714B offshore.
The announcement was made via a statement on Tuesday. According to this document, management explains that this decision is part of its policy to better manage its portfolio and impose a certain financial discipline. The other important reason for this withdrawal is the fact that the company has not found a partner to reduce costs during the next development phases.
“Although it is clearly disappointing that we were not able to attract a partner in these blocks, it is important for us to maintain financial discipline and risk management (…) Our operational goal is to prepare the drilling program In Morocco, to make progress in drilling preparations in the central blocks in Namibia and to launch the partnership process in Brazil. Thank Namcor and the Ministry of Energy and would it continues to facilitate our efforts to advance our drilling program. ” Said Larry Bottomley, CEO of Chariot.
A notification of this decision was made to the Namibian Ministry of Energy and the process of validation of the withdrawal was initiated.
Chariot operates these two blocks with 85% interest. The Namibian oil company controls 10% and Quiver, a local exploratory firm, the rest.