Chinese take bold Namibian deep step

摘要

A Chinese company has taken the unusual risk of stepping up to become operator of a deepwater block off Namibia where a well previously encountered oil shows. Gazania 148 Investments is to take a 75% stake in Block 1711 and appoint Shaanxi Yuyang Petroleum Technology Engineering as operator. The firm has committed to spend at least US $40m on exploration including one well and 2,500sq km of 3D seismic.