Namibian OperationsInvestment Climate

  The government has pursued free-market principles designed to promote commercial development, has good relations with its neighbours, and has actively encouraged international foreign investment

  Namibia's 2011 GDP was estimated at US$ 13 billion and its gross domestic real growth rate was 3.6%. Namibia has a country risk profile of BBB, putting it on a par with Brazil and South Africa.

  These basins are directly related to the rifting of the African and the South American plates during the Lower Cretaceous period. Evolution of the South Atlantic started in the Jurassic era with a rift system that evolved into the passive margin basins of the present day.
Chariot's offshore blocks are located along the coast of Namibia and are bordered by the paleodepositional systems of the Kunene River to the north and the Orange River to the south.

  There has only been one phase of exploration, in the early 90’s, which was targeted at the primary Namibian margin and culminated in the drilling of 8 exploration wells, all located in the shallow waters on the shelf and slope portions of the basin due to technical and commercial limits that existed at that time. Our newly acquired seismic data combines evidence of large structural features with direct hydrocarbon indications which provide strong support for the move into the deeper water sections of these basins. These were areas that were technically out of reach to the early explorers in Namibia.

  With power shortages facing the southern African region, the Namibian government has committed to the development of this field. On 24 October 2011 a PSA was signed between Tullow Oil, Neftegaz Services, Itochu and Namcor to start work on Kudu. Finalisation of development plans will not be taken until 2012 and Kudu is expected to go into production in 2015.
The current intention is to build a gas pipeline that will connect Kudu to an 800MW power station positioned in Walvis Bay, Namibia. This gas will be used both in Namibia, helping to meet the country's growing energy demand and for export. The state electricity company Nampower continues to seek commercial agreements with Zesco of Zambia and Eskom of South Africa.