Russia's Gazprom and Namibia's state-owned oil company, Namcor, will form a joint venture and take up a majority stake in the southern African nation's Kudu Gas project, the Namibian Sun reported, citing a government memorandum.
The other partners on the project are Tullow Oil and Itochu Oil Exploration, the newspaper said.
The country's Minister of Mines and Energy, Isak Katali, has asked the Namibian cabinet to approve economic stabilization clauses in the agreement that will render the agreement unchangeable over the project's 15 to 25-year lifespan.
The Kudu gas project is expected to cost about $7 billion and generate 800 megawatts of electricity for Namibia and export to South Africa, according to Nampower, Namcor and goverment documents.
LINK: http://www.hurriyetdailynews.com/n.php?n=gazprom-namcor-to-form-venture-for-kudu-gas-2011-05-23
Yawn! I must be the only person in the world that still believes that this is going to happen.
From the latest edition of Engineering News...
LINK: http://www.engineeringnews.co.za/article/namibia-2013-02-22 (http://www.engineeringnews.co.za/article/namibia-2013-02-22)
"However, more work still needs to be done, of which the introduction of a baseload power station is central. The Kudu gas project, off the southern coast, remains a strategic investment for Namibia to ensure security of supply for the country.
Meanwhile, NamPower is engaging upstream parties with regard to the conclusion of a project development agreement and regional power offtakers for the sale of surplus electricity from the 800 MW Kudu power station.
NamPower is confident that the investment decision will be made by December this year, with commissioning of the power station by 2017/18, making Namibia a net exporter of electricity to the Southern African Development Community region."
I see that the Brazilian based oil and gas company, High Resolution Technology, is planning to start drilling for black gold soon again daman
Yep!Yep! within the next two weeks, 200km south west of Walvis Bay, they seem pretty confident about striking it.....