We in Namibia are very happy about this finding..... But 10% for the country is not a great deal at all .... How can it be an exciting moment if we only own 10% of steak ... what happens to all Namibian... how do we benefit from this ?
@TROVE-1stSubsurface
2 жыл бұрын
Thanks for your comment! Whilst it's true that NAMCOR (Namibian state company) has 10%, if Venus (or Graff) are developed and produce oil, the government will also receive taxes, likely from corporation tax and a petroleum revenue tax. Also, the government would have received a fee from the companies involved for licensing the acreage in the first place. There will also be a social responsibility for the companies to invest in the local work force and contribute to local schemes such as education centres. Whilst at first sight it might look like Namibia is missing out (as NAMCOR has a 10% stake), Namibians should benefit even if NAMCOR had no stake! Namibia can benefit from lessons learnt on how other nations implemented policy surround oil & gas production, such as Ghana & Cote d'Ivoire, and more recently Guyana.
@nunnagodforgivesodont7177
Жыл бұрын
Peter the Namibian Govt needs to set up a properly managed Sovereign Wealth Fund like Norway ensuring the Political leaders don't loot the country
@bobdooly3706
5 ай бұрын
Namibia will receive a 10% royalty from every barrel of oil produced.
@EzraMerr
2 ай бұрын
10% is massive, that means more civil servant jobs I guess, more investment on shore lines for workers and accommodation , more food production which in turn leads to more tourism and infrastructure
@pauldichtel6410
4 күн бұрын
Remember these companies risked money to make this discovery. There were no guarantees that oil was going to be found.
@christopherboyack3130
2 жыл бұрын
Hopefully africa benefits well from the new oil discovery and isn't exploited
@mikecooper2093
2 жыл бұрын
Agreed. The people of Africa.
@margaretneanover3385
2 жыл бұрын
They were some and new for decades. It's been a total war reasoning and we tired of bullwork. The sales , control and effects had left them struggling.
@nunnagodforgivesodont7177
Жыл бұрын
Christopher, I agree the Namibia Govt should set up a Sovereign Wealth Fund like Norway, remember it is the Local and international companies that will have to take the very large$$$£££ Equity risk up front and ongoing to make it work, locals need to be heavily trained and employment
@TROVE-1stSubsurface
11 ай бұрын
18 months on and appraisal underway. Still all the signs are good that the people of Namibia should benefit from this deepwater bonanza.
@josephnakale7343
4 ай бұрын
@@nunnagodforgivesodont7177That fund is already in place, it was established with the blessings from the late President Hage Geingob.Hopefully it will continue to grow for the benefits of generations to come.
@albertansah1373
Жыл бұрын
Massive amounts of oil discoveries of three types of petroleum have already being confirmed and more oil exploration are pending to begin to occur on the western coast of Namibia 🇳🇦 leading up ⬆️ to more hydrocarbons and huge amounts of gas ⛽️.?????.😅😮😢😂.?))
@TROVE-1stSubsurface
Жыл бұрын
Graff, Venus, La Rona & Jonkers are all discoveries at this time, which should be substantial and therefore commercial. The appraisal drilling phase to confirm the size, deliverability and composition of the discovered fluids is underway. Subscribe to our channel and you will see updates and news once available in the public domain.
@joeysmith5459
2 жыл бұрын
Do you have any insight into how, if at all, this discovery realted to the onshore work the Canadians are conducting?
@mikecooper2093
2 жыл бұрын
ReconAfrica, the Canadian explorer, are exploring the Kavango Basin onshore Namibia. They have Namibia licence 73 and wells as Botswana licence 001/2020. These are completely unrelated. We will be doing an update video shortly and will address this difference. So call back - better still subscribe and ring the bell and you will be informed when the video is out.
@TROVE-1stSubsurface
10 ай бұрын
Hope you caught some of our follow up videos which describe the developments in Namibia - both onshore & offshore
@marjendemhare5892
Жыл бұрын
I see the wild dogs and vultures lurking trying to steal the lioness's catch. Same old story. Africa must nationalise all it's resources again.
@TROVE-1stSubsurface
Жыл бұрын
You will be interested in the videos we have showing the multi-billion dollars invested in Namibia BEFORE any oil was found. It will taken 10's of billions to develop the oil. In a follow up video you will see how Namibia will be getting huge tax receipts, state participation via NAMCOR and has set up a sovereign wealth fund. In all, it looks like a model relationship thus far.
@JohnSmith-zw8vp
2 жыл бұрын
Clickbait! Your title makes it sound like a huge discovery was made on the planet Venus!
@mikecooper2093
2 жыл бұрын
Apologies if you feel we were trying to trick you. We quickly dismissed any link to the planet in the video and described the exciting new discovery in Namibia called Benus.
@JohnSmith-zw8vp
2 жыл бұрын
@@mikecooper2093 You should change the title to something like Venus 1-X oil well so that it's clear from the title that it's not about the planet.
@MLB9000
2 жыл бұрын
@@mikecooper2093 That's the very the definition of click-bait! Title is misleading and you only find out after you've clicked on it
@MLB9000
2 жыл бұрын
best way to avoid clickbait; stop using the internet
@thatsworrisome
2 жыл бұрын
Made ya look huh? Me too but, I learned something interesting here. So I’d Get over it Cuz, that’s been goin’ on since they 1st fired up the Heidelberg press! But, Godspeed to ya brother going forward bc ya still got a lot mo’ complaining left to do online. Probably a few lifetimes.
@brendanoleary8854
2 жыл бұрын
Great stuff Mike. Synthesises the available knowledge into a very digestible video with good commentary.
@mikecooper2093
2 жыл бұрын
Thanks Brendan. Hopefully others will find it digestible and informative.
@mikeilikeit9685
Жыл бұрын
@@mikecooper2093 ,
@peterkappelmann3861
Жыл бұрын
Why NOT to use ALL type of experteese to effect change so desperately needed ?????
@TROVE-1stSubsurface
10 ай бұрын
Hi Brendan. I hope you have been back on our channel to watch the many follow up videos we have done on offshore Namibia. We hope to keep putting out regular updates and it is a great way to watch how the exploration story unfolds through time. I only wish we had more technical detail to share.....
@TechnoGlobalist
2 жыл бұрын
So happy for Namibia. Hope you make the best of it ❣️
@TROVE-1stSubsurface
2 жыл бұрын
Me too. News this week is that TotalEnergies have stated the appraisal programme timetable has slipped and won't now start until very latest 2022. It is hardly surprising really - these ultra-deepwater wells take a lot of planning and the logistics of getting a drillship to this part of the world is not trivial. I'm sure the drilling department is pulling every string to get the operation going ASAP. The quoted range for Venus contingent resources is large. I have read numbers between 2-8 billion barrels. Let's bear in mind where is only one single penetration to date. Although the seismic anomaly is extensive (~600 sq km) and the discovery looks to be world class, we always like to see a couple of appraisal wells to confirm it. I expect TotalEnergies will flow test the well to get information on connected volumes (if it is as big as many expect, this may take too long waiting for pressure build-ups). Fluid composition data (a crude assay) will be vital to understand a whole range of issues from API gravity, viscosity, pour point, presence or absence of "nasties" like H2S, mercaptans, wax, CO2 etc etc. I also expect a test in the down-dip aquifer to confirm composition (to understand/avoid any scaling issues down the line if seawater injection occurs in the future). What a great project for any geoscientist or engineer to be working on! As ever, we wish the co-venturers best wishes for a safe and successful appraisal drilling programme.
@nunnagodforgivesodont7177
Жыл бұрын
1st Subsurface Trove, this is exciting news for the country Is the The Oil a heavy, medium or Light Sweet Crude?, Also has gas/condensate also been discovered?
@TROVE-1stSubsurface
Жыл бұрын
@@nunnagodforgivesodont7177 I don't think we know the definitive answer yet. I am unaware of any drill stem tests though there may have been fluid samples recovered to surface (MDTs) - but I'm sure someone will post and update this. I imagine these most competent operators will have gathered enough data to be able to make the fluid-type assessment and "oil" is mentioned across many reports. Not aware of any heavy oil or gas condensate being mentioned to date. The appraisal programme will target understanding the composition of the hydrocarbons and formation waters.
@nunnagodforgivesodont7177
Жыл бұрын
Mike once again Thanks again, I have a general question, let's say these Namibian discoveries contain 1.5 billion barrels if the Crude is heavy say 20 API and Sulphur of 2% would it be viable to go ahead with full production?, I realise this is hypothetical.Thank you
@petersenmatheus287
Жыл бұрын
@@TROVE-1stSubsurface I’m Namibian and this is exciting news to everybody. As a geoscience student I can’t wait to work on one of these projects one day.
@chanytae11
2 жыл бұрын
Awesome! Thanks for sharing and I wanted to know more about Venus :)
@mikecooper2093
2 жыл бұрын
Thank you. Send us any updates you would like included in our update which will be out in the next few days. Watch this space.
@nunnagodforgivesodont7177
Жыл бұрын
Hey Mike Cooper, do you know what Grade the crude is?, Heavy Sweet, Medium Sour, Light Sweet?
@TROVE-1stSubsurface
11 ай бұрын
Missed this post - still awaiting confirmation of the crude quality. The original Venus well was not tested but the recent appraisal well (Oct 2023) has been flow tested. I expect the operator will make a public statement before too long. Not expecting any surprises.
@georgeholloway3981
Жыл бұрын
Is Africa Oil involved in Venus?
@TROVE-1stSubsurface
Жыл бұрын
Thanks for the question. Africa Oil isn't involved directly: TotalEnergies operate with Qatar Energy, Impact Oil & Gas and Namcor as partners. They are involved indirectly though - they have 31.1% shareholding in Impact Oil & Gas (having increased their holding by a small amount earlier this year).
@JimmyTheGreek2000
Жыл бұрын
The discovery was made with state-of-the-art 3D seismic data. AVO (Amplitude Variation with Offset) is a technique which looks at the Amplitude of the seimic wave signal as we move away from the prospective target zone. the concept is very If the amplitude is very strong as we move away from the target it is a strong indicator. It warks better in natural gas that in crude oil reservoirs because the amplitude is higher (i.e. slower) in natural gas andas a result more doagnostic.
@TROVE-1stSubsurface
Жыл бұрын
Thanks for you comment Jimmy. I would add that when the AVO/amplitude conforms to structural closure it helps give credence to this technique as a "DHI" (Direct Hydrocarbon Indication). I have seen too many of these over the decades getting drilled and proving to be something other than oil and gas. We have technical specialists who can differentiate between the 'wheat and the chaff'. It needs expert study before an AVO/Amplitude derisks more undrilled prospects. Many companies claim they have these - but, please remember, 'caveat emptor'.
@nestorramos7002
2 жыл бұрын
Do you know if there's any chance that something similar will appear on the side of the atlantic ?
@TROVE-1stSubsurface
2 жыл бұрын
It's a great point - we gave a talk at the APPEX conference last year, the focus was on Brazil but we did mention the conjugate margin: kzitem.info/news/bejne/15Bql2Wffpl6fHo This region of the South Atlantic has been under-explored both in Africa & South America. While the geology can often be similar, as you will see in the linked video, there is often a mismatch in success rates on each side of the Atlantic so there is no guarantee of success. It will certainly be something that will be exciting companies on the other side of the Atlantic and I'm sure people will be watching news from Namibia closely to see what learnings there may be. Definitely an interesting topic moving forward!
@mikecooper2093
2 жыл бұрын
We will address this in our update due in a few days.
@lorrainelavin764
2 жыл бұрын
@@mikecooper2093 ok great !
@peterkappelmann3861
Жыл бұрын
If this all comes to be THE N$ Dollar should now decupple / depeg from the ever devaluating SA RAND at 12 or 10 or even 6 to the US $ ever NAMIBIAN will enhanse his wealth position
@TROVE-1stSubsurface
Жыл бұрын
Exchange rates are not our area of expertise. We stick with the technical energy 'stuff'.
@JacksonTylerOR
2 жыл бұрын
Thank you for the analysis. Liked & subscribed
@mikecooper2093
2 жыл бұрын
Thanks very much for feedback. Update due in next few days.
@TROVE-1stSubsurface
11 ай бұрын
Hope you are still enjoying our channel content. We are always open to ideas for future videos.
@normanberg9940
7 ай бұрын
Namibia??? It's off the coast of South Africa though. So why Namibia?
@TROVE-1stSubsurface
7 ай бұрын
The Venus discovery is in Namibian waters. The Orange Basin does extend into South Africa and there are wells expected to be drilled this year (TotalEnergies & Africa Oil) that will target the same geological play in the South African sector. We will likely do more videos on those wells once more details have been released.
@FormerlyKnownAsAndrew
2 жыл бұрын
Another great video. Thank you.
@mikecooper3385
2 жыл бұрын
Thank you Andrew. We have a number of interesting videos in the pipeline. Hope we see you back on our channel soon. All the best, Mike
@TROVE-1stSubsurface
10 ай бұрын
Hope you've revisited the channel to see many update videos Andrew (as was)
@philosophem1629
2 жыл бұрын
How distance is this Venus deep-sea fan from the Walvis Ridge? Thanks.
@mikecooper2093
2 жыл бұрын
In short, a long way. Will try and show a map in our follow up video due out shortly.
@TROVE-1stSubsurface
11 ай бұрын
Hi Phil(?). By now you should have seen the numerous videos we have done showing the Orange Basin being separated from the Walvis Ridge by the Luderitz basin and many 100's of kilometres. We are hoping we will see more exploration in the northern offshore areas of Namibia, but for now industry is very focused in the Orange Basin. Hopefully soon we will see the extension into South Africa get drilled.
@1oldsoldier28
Жыл бұрын
Hi Guys, I just want to check before I buy your Venus 1 report, does it include the well data or just recap what is publicly known ?
@TROVE-1stSubsurface
11 ай бұрын
There is no well data. We have followed the Venus story since Day 1 and have collated all pertinent material from the public domain - more than any search is likely to uncover today. We keep adding as timelines, project schedules and economic profiles are added. In all we believe we have more material available on Venus than Woodmac, S&P Global & Rystad combined (because we include their high-level published results). But if you subscribe to TROVE databases you get EVERY Namibian field & discovery. Not to mention prospect & project and company etc etc.
@bloomingbeautiful4129
2 жыл бұрын
Do you know who named this Venus and who desires ownership?
@mikecooper2093
2 жыл бұрын
This is the second Venus discovery in West Africa. Naming is normally determined by the operator. My favourite part of the planet for naming conventions is without doubt the US Gulf of Mexico. There are some amazing field names out there. For example there are a few that Harry Potter fans will recognise.
@TROVE-1stSubsurface
11 ай бұрын
We now have other names - Venus, La Rona, Graff, Jonker, Lesedi. There seems a link to eau de perfum but perhaps someone would kindly enlighten us all.......
@TROVE-1stSubsurface
11 ай бұрын
Try diamonds - a good theme for the area.
@philipmulholland8873
2 жыл бұрын
3:18 Note the brightening in the sequence layer above the pinch-out, suggestion of a fluid migration pathway leak to surface.
@mikecooper2093
2 жыл бұрын
Hi Phil, That sort of analysis and interpretation is above my pay grade. Some reports are now saying it could be up to 3 billion barrels. I agree it’s potentially huge but have seen too many first appraisal wells disappoint. Cautiously optimistic though. It can’t be a major leak to surface to contain such potentially huge volumes.
@philipmulholland8873
2 жыл бұрын
@@mikecooper2093 Hi Mike, A strat trap of this type when not sealed by salt will inevitably leak, albeit slowly. The fluid migration path thru the overburden may lead to other traps up dip e.g. Kudu, also the leaking fluid will be light fraction hydrocarbons as these migrate more easily and so are seismically visible. I saw excellent seismic examples of fluid migration pathways in the Faroe-Shetland trough, they are a nice to have prospect de-risker.
@TROVE-1stSubsurface
10 ай бұрын
Hi Phil, it seems that if I don't reply from our "TROVE" account your post stays in our "I haven't responded" listing. I did respond promptly over a year ago. Your replies are there for everyone to read - and there have been over 34,000 viewers of that particular video. Many will read these responses in the future. Apologies - I am simply "clearing the decks" with this response. I hope you are well and following the many follow up videos we have put out on Namibia. ATB, Mike
@philipmulholland8873
10 ай бұрын
@@TROVE-1stSubsurface Mike. Just got your alert via email. Thanks for the reply. Appreciated. Phil.
@utebock4882
Жыл бұрын
And nothing will flow back to the Namibian people, all in the pockets of our politicians 😢
@TROVE-1stSubsurface
Жыл бұрын
We don't comment on politics. We leave that to people far more knowledgeable about it than us!
@margaretneanover3385
2 жыл бұрын
It's been known for decades and was held back due too many pressure points..still they try to withhold .. they know now that too many can do damages. It's not new.
@TROVE-1stSubsurface
2 жыл бұрын
Hi Margaret, Not too sure what you mean. Your comment was hidden away in some hidden corner of KZitem which we have only just found. You are correct, Venus has been a long time in planning and the pandemic didn't help getting the drilling operation up and running.
@carlosgiraldo528
5 ай бұрын
Thanks for sharing
@TROVE-1stSubsurface
5 ай бұрын
Thanks for watching Carlos! Hope to see you back on our channel.
@margaretneanover3385
2 жыл бұрын
These oil companies and percent stake ...was said to have others long standing. Investors and what a video. Yes , the world cannot invest to own ...lol. yet here's the terms of what oil could have done as altering uses and support could be done to ensure ..but that would reset some issues about pricing and such. They know eventually what will happen if too much is released too soon. Yet others might want opportunity importunity s to grab it.
@TROVE-1stSubsurface
2 жыл бұрын
60% of the world's hydrocarbon reserves lie in a small area of the globe - the Middle East. Hydrocarbons are consumed on every continent on the planet. Russia's invasion of Ukraine reminds us that there are many factors at play in the global supply & demand equation. Yes, we fully support a transition to net zero - cleaning up our atmosphere is a good thing. We must tackle CO2, hydrocarbons, HFC's, radioactive particles and a whole host of air pollutants that mankind is responsible for.
@nunnagodforgivesodont7177
Жыл бұрын
CO2 is a colourless gas in fact life on earth would not exist without adequate levels of C02, greenhouses that produce Food, Flowers and Cannabis pump huge amounts of CO2 to make the plants grow quicker, the Nitrous Oxides etc are the problems they need to be addressed
@ferdieortman6614
2 жыл бұрын
Kudos to namibia
@TROVE-1stSubsurface
Жыл бұрын
It's fantastic news for the nation.
@johnnyhawkins43
2 жыл бұрын
An oil field on Venus ?
@mikecooper2093
2 жыл бұрын
Where? We'll do a video on that! Sorry Johnny - we didn't name it.........
@TROVE-1stSubsurface
11 ай бұрын
The naming scheme is not obvious. Perhaps, in time, it will become more apparent.
@margaretneanover3385
2 жыл бұрын
Yes it was mentioned. Thanks for the closer look.
@TROVE-1stSubsurface
11 ай бұрын
One year on and we have had about 33,000 viewers watch this video. It continues to be popular to this day. I hope you have seen the follow up videos as the story of the exploration and appraisal of the Orange Basin unravels.
@chick201
2 жыл бұрын
For real I'm Thinking we are drilling on vinus
@mikecooper2093
2 жыл бұрын
May take quite a few years before we get around to that. And given the surface temperature and toxic atmosphere on Venus, the drillers will have to take a very deep breath and hold it for a very long time.........
@TROVE-1stSubsurface
11 ай бұрын
By now you will see numerous references to the Venus discovery offshore Namibia. The will be more and more in the coming years as a new petroleum provide has been found in the deepwater.
@prasunjoyplabita
Жыл бұрын
informative presentation
@TROVE-1stSubsurface
Жыл бұрын
Glad you think so! Many thanks.
@prasunjoyplabita
Жыл бұрын
Do you have any update of Venus Appraisal and results of well Nara-1 exploration well?@@TROVE-1stSubsurface
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