Oil found off Namibian coast

Brazilian energy firm HRT announced on Tuesday that it had discovered oil off the coast of Namibia, although not yet in commercial volumes.

The find came from an exploratory well off the country's central coast.

Prospecting had begun in Namibia's deep Atlantic waters, in the hope the country could become the latest southern African country to strike oil reserves.

Angola to the north is Africa's second-biggest producer of crude, after Nigeria.

The company said it was encouraged by the results of the test and would now begin work at a second exploration location nearby.

Namibia currently has no oil production and no proved reserves.

Source: business.iafrica.com

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