Posted on 07/07/2011 1:00:53 PM PDT by george76
An estimated 11 billion barrels in oil reserves have been found off Namibia's coast, with the first production planned within four years, mines and energy minister Isak Katali announced Wednesday.
The finding could put Namibia on par with neighboring Angola, whose reserves are estimated at around 13 billion barrels and whose production rivals Africa's top producer, Nigeria.
...
Namibia has long been seen as a potential new source of oil, hampered by a lack of exploration to determine the extent of its reserves. Its offshore geology is similar to Brazil, which is seeing a boom in oil.
(Excerpt) Read more at rigzone.com ...
GOOD!
DRILL, NAMIBIA, DRILL!................
They are one of the poorest countries on earth...............
The world is swimming in oil.
20,000,000 bbls a day is what the US uses. This reserve represents a 550 days supply of oil. About a year and half. Not bad.
Has their population even reached 2 million?? Big empty country.
In other news Chinese leaders were seen huddling around a globe with huge smiles today...
Isn’t there some kind of conflict there that we can get involved in?
add them to Brazil as the next country we’ll be be buying oil from since we can’t touch our own.
Just barely...................
So, how much money does obama give them to drill?
"An estimated 11 billion barrels in oil reserves have been found off Namibia's coast, with the first production planned within four years, mines and energy minister Isak Katali announced Wednesday."Red Badger wrote:
"They are one of the poorest countries on earth..............."That may be so, but it appears that they are technologically far in advance of the US. It is common ground in the US that it takes at least 10 years for new drilling to come into production.
Just ask any Democrat.
Doesn't California have off shore oil? Not that they would even think about drilling though.
“add them to Brazil as the next country we’ll be be buying oil from since we can’t touch our own.”
We are drilling and we are producing oil in the USA.
In fact, there is more drilling in the US today than there is in all other countries combined.
And there are only two countries that produce more oil than the US.
“That may be so, but it appears that they are technologically far in advance of the US. It is common ground in the US that it takes at least 10 years for new drilling to come into production.”
Nonsense.
They will soon become wealthy.
We will soon become Namibia.....................
Nambia doesn’t have a Department of (no) Energy or endangered caribou.
Did you miss the last sentence in my Reply 11?
Martin Sheen and democrats everywhere agree!
“Drilling for oil in the refuge, when it cant reach market for probably 10 years, is definitely not a plan to help us promote energy security.”
http://martinsheen.net/id78.html
NEW YORK (Fortune) — “I think it’s important for the American people to understand we’re not going to drill our way out of this problem. It’s also important to recognize if you start drilling now you won’t see a drop of oil for ten years, which means it’s not going to have a significant impact on short-term prices.” - U.S. Senator Barack Obama, Aug. 8, 2008
http://money.cnn.com/2008/08/13/news/economy/oil_drilling.fortune/index.htm
problem is, they’ve been saying this for AT LEAST 10 years or more.
This report is dicey. Oil/Energy ministers are UNIVERSALLY insane when it comes to declaring reserves and production rates.
You can divide this by 3 or 4, double the time to production, and divide the likely production rate quoted by 5.
True. While we produce about 9m bbl/day, we are consuming 18m bbl/day.
We still need more, and there is more to be had domestically.
Not to mention that we could significantly expand electric generation through nuclear power, we could use natural gas for heating, and we could develop a means of converting our immense reserves of coal into petroleum.
But no, I guess the better option is to reduce our standard of living and give up our economic independence to the government. I’m sure the benevolent government will ration to us all the energy that we “need.”
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