Monday, May 23, 2022
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home oil news

Is This The World’s Next Oil Hotspot?

June 10, 2020
in oil news
Is This The World’s Next Oil Hotspot?
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Commodity outlook: Crude oil gains; here’s how others may fare

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,

Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,

By the end of the second quarter of 2020, data from drill bits may tell us whether or not the world has found the next Eagle Ford, and it’s all going down in Africa … 

To hear mainstream media tell it, you would think that the oil and gas era is coming to an end. That assertion, however, could not be further from the truth. The world’s thirst for oil is set to keep soaring with oil demand growth not likely to peak over the next two decades as economies in the developing countries continue to expand.

Over the past five years, we have seen far less exploration and discovery of oil than what we are consuming. In other words, the world still needs new oil. Existing fields are declining at 3-4% per year. 

The new oil that’s coming online offshore Guyana, Brazil and Norway this year will help to close that gap somewhat, but the continued decline in U.S. shale fields could upset the equation.

That calls for the African continent to step up to the plate, and also brings to the world’s attention a country that has never before produced oil: Namibia, a new frontier and home to a basin that rivals Eagle Ford in size and hopes to rival it in potential.  

This is the Kavango Basin, a 6.3-million-acre basin with a 12-billion-barrel original oil in place potential, and the entire basin was recently acquired by an ambitious Canadian explorer called Reconnaissance Energy Africa Ltd (TSXV: RECO, OTC: RECAF)

New producing countries from sub-Saharan Africa are beginning to redraw the continent’s oil and gas map. Today, the putative class valedictorians, Nigeria and Angola, together pump around 4 million barrels per day (bpd) of crude and also dominate natural gas output. Only a handful of other countries in the region produce more than a couple of hundred thousand barrels of oil and gas equivalent.

A few years from now, however, the balance could be very different with Uganda, Kenya, Ghana and Niger developing fields each with a potential capacity for over 100,000 bpd of oil.

Now, Reconnaissance Energy Africa is hoping to put Namibia on the map onshore, while supermajors such as Exxon, Shell and Total SA are hoping to bring Namibia fame offshore. 

A few years ago, during the shale boom, Recon Africa went looking for shale in Namibia and discovered a deep giant basin, the Kavango Basin. 

– Potential for an estimated 12 billion barrels OOIP (Original Oil in Place) and 119 TCF OGIP(Original Gas in Place), to be determined whether it’s actually there and if so, technically recoverable. If it were, that’s significantly higher than Eagle Ford’s 2.4 billion OOIP and 50 TCF OGIP.

Speaking to Oilprice.com, Jay Park, CEO of Recon, said he and his team immediately recognized the vast potential of the basin and obtained licenses from the Namibian government. 

The company now holds the entire Kavango Basin in Namibia under Petroleum Exploration License 73. ReconAfrica owns 90% interest in Petroleum Exploration License 73, while Namibia’s state-owned oil company, National Petroleum Corporation of Namibia holds the remaining 10%.

Drilling to Start in June

Earlier…



Read More: Is This The World’s Next Oil Hotspot?

Tags: HotspotoilWorlds

Related Posts

Commodity outlook: Crude oil gains; here’s how others may fare
oil news

Commodity outlook: Crude oil gains; here’s how others may fare

by Oil Market
July 31, 2020
0

NEW DELHI: There was a sea of green in the commodities market bullion, base metals and bullion futures rose...

Read more
Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,
oil news

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,

by Oil Market
July 30, 2020
0

Carl Court | AFP | Getty ImagesOil giant Royal Dutch Shell on Thursday reported a sharp drop in net...

Read more
Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,
oil news

Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,

by Oil Market
July 30, 2020
0

Stock Market Live: Indian shares were trading higher on Thursday mainly led by gains in pharma and IT...

Read more
US stocks decline as stimulus negotiations heat up and earnings miss hopes
oil news

US stocks decline as stimulus negotiations heat up and earnings miss hopes

by Oil Market
July 29, 2020
0

Reuters US stocks closed down on Tuesday as investors mulled Senate Republicans' coronavirus stimulus package and a slew of...

Read more
Tokyo Gas : Acquires Oil and Gas Assets in Louisiana Through Castleton
oil news

Tokyo Gas : Acquires Oil and Gas Assets in Louisiana Through Castleton

by Oil Market
July 29, 2020
0

29 July 2020 Company: Tokyo Gas Co., Ltd. Representative: President, Takashi Uchida Tokyo Stock Exchange, Tokyo 1st Section Security...

Read more
Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,
oil news

Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,

by Oil Market
July 28, 2020
0

Nifty futures on the Singapore Exchange traded 76.5 point, or 0.69 per cent higher at 11,195, in signs that...

Read more
Next Post
La. lawmakers try to boost state’s share of federal offshore oil money

La. lawmakers try to boost state's share of federal offshore oil money

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Margaret Good hits Vern Buchanan on oil donations, misidentifies Interior

Margaret Good hits Vern Buchanan on oil donations, misidentifies Interior

2 years ago
https://www.cuereport.com/Oil and Gas Pipes  Market 2020 Global Outlook,

https://www.cuereport.com/Oil and Gas Pipes Market 2020 Global Outlook,

2 years ago
The Global Argan Oil Market is expected to grow from USD 465.51 Million in

The Global Argan Oil Market is expected to grow from USD 465.51 Million in

2 years ago
Global Diesel Fuel Market 2020-2024 | Increasing Oil and Gas E&P

Global Diesel Fuel Market 2020-2024 | Increasing Oil and Gas E&P

2 years ago
Oil Climbs After Libya Shuts Key Field, Demand Perks Up

Oil Climbs After Libya Shuts Key Field, Demand Perks Up

2 years ago
BC Government’s Top Manager on LNG, Oil and Gas Quits | The Tyee

BC Government’s Top Manager on LNG, Oil and Gas Quits | The Tyee

2 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com