The crude oil market may soon usher in a new development, while Africa and South Africa will become new winners of energy wealth.
Dodar recently announced that it had made a major condensate discovery off the coast of South Africa.
The company said it had discovered a condensate field 175 kilometers offshore from the southern coast of South Africa, located in the Brulpadda prospect area, in Block 11B/12B of the Outeniqua Basin. The oil and gas bearing layer is 57 meters thick, stratigraphic age is Early Cretaceous, and drilling depth is 3633 meters. The following three-dimensional seismic exploration will be carried out by Dodar, followed by four exploration wells. According to Dodar, the exploration well has a resource of about 1 billion barrels of oil equivalent.
With 45% interest, Dodall is the operator of 11B/12B, covering an area of 19,000 square kilometers. Other partners include Qatar Petroleum, a 25% shareholder, CNR International, a 20% shareholder, and Main Street, a 10% South African consortium.
“With this discovery, Doddle has opened up a new world-class gas and oil business and has the ability to test several follow-up prospects in the same block,” Kevin McClarkland, senior vice president of exploration at Doddle, said in a statement.
Andrew Latham, vice president of Wood Mackenzie, an energy consulting firm, commented that although the well was not a crude oil discovery, Brulpadda would eventually bring about a billion barrels of equivalent, which would surely bring huge changes to South Africa. The crude oil market may find a turnaround.
In response to Dodar’s statement, South African Mining Minister Mantash welcomed this, believing that the oil and gas discovery will promote economic development.
Akif Chaudhry, chief analyst at Wood Mackenzie, said that while this would help South Africa’s gas economy, long-term planning was still critical.
At present, South Africa is drafting a new bill on the development of crude oil and natural gas resources. Several major oil companies have already deployed large-scale offshore areas in Africa. BP, Mobil and Shell are also on the list. Among them, Mobil’s main deep-ploughing areas are western and southern Africa, including Ghana, Mauritania and Namibia and other countries.
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