To date, 48 exploration, one production, and two Coal Bed Methane licenses have been issued to Namibian and international oil and gas companies. Overall, a total of 32 wells have been drilled offshore Namibia, these comprise 15 exploratory wells and seven appraisal wells (KUDU gas field/license area) and 10 ODP/DSPD wells drilled for scientific research. In addition, 10 exploratory wells have been drilled onshore.
Currently, 2D seismic survey coverage offshore Namibia stands at approximately 147 000 line kilometer; more than 40 423 km² of 3D seismic data has been acquired by respective license operators. In addition to the wells and seismic data a total of 28,000 km of aeromagnetic data was acquired in 1998 covering the whole of offshore Namibia. This data set has elucidated the structural setting of the Namibian offshore margin, especially when used in conjunction with the regional and high-resolution data from onshore Namibia. As a result of these and numerous other onshore and offshore exploration activities, an extensive geological and geophysical database on petroleum activities within Namibia is in place.
Promotion requires active marketing or promotion of the hydrocarbon potential of the Namibian acreage to local, international oil exploration and or production companies.
Having identified prospects and leads with potential for accumulating hydrocarbons and having carried out all necessary petroleum geological and geophysical work required, such acreage is offered to local and international oil companies. In furtherance of the above, the company attends important international oil and gas promotion conferences targeting the oil capitals/centres of the world in order to cover as wide a spectrum of clients as possible.
The institutional role of NAMCOR is to actively promote the hydrocarbon potential of Namibia. In exercising this role the company is tasked with advising the Ministry of Mines and Energy on policy issues regarding the upstream petroleum industry and monitoring the petroleum activities of oil companies operating within Namibia.
NAMCOR has since independence facilitated the signing of several petroleum agreements with international oil companies. These agreements have been the result of four bidding rounds and an open licensing system which was adopted as an alternative to the bidding rounds. Fiscal Regime of Namibia