BP gets early start in Namibia

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LONDON, April 10 (UPI) -- BP said it expects to get a head start in the Namibian oil sector though there have been no commercial crude oil discoveries made in the West African country.

BP Chief Executive Officer Bob Dudley last year said major international oil companies had "overlooked a number of the biggest basins in the world."

Major oil companies have expressed tempered optimism about the oil potential for West African waters, given the geological similarities to basins offshore Brazil. Ghana's offshore Jubilee field is one of the richest oil fields in Africa with potential reserves eclipsing 1.8 billion barrels.

BP is moving into Namibia as supermajors Chevron and Royal Dutch Shell head for the exits from Namibia's only gas field, Kudu, reports Bloomberg News. That field has sat idle since 1974, the news service adds.

BP's move into Namibia would make it the only international oil company expanding its footprint in the country. The company in March became the largest shareholder in the offshore Nimrod prospect, which Bloomberg said could develop into a major discovery this year.