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Oneword

MOSCOW, June 25 (RIA Novosti) - Gazprombank and the National Petroleum Corporation of Namibia have signed a deal to finance the construction of a 800 MW gas turbine power plant in Namibia, the bank said on Thursday.

The agreement was signed during a visit by Russian President Dmitry Medvedev to the southern African state. Medvedev arrived in Namibia on Thursday as part of a four-nation tour of the continent to discuss developing trade and energy projects.

"As a mineral resource base, there are plans to use gas from the Kudu field for the power plant. A considerable part of the electricity to be generated will be supplied to South Africa," the Russian bank's statement said.

The parties also agreed on continuing talks on the implementation of a large number of investment projects in Namibia with the participation of Russian companies and the assistance of Gazprombank.

The Kudu natural gas deposit, discovered in 1974 some 130 km (80 miles) off the southern coast of Namibia, is the country's only commercial hydrocarbon deposit.

The Kudu license is held by the companies Tullow Oil (70%), Itochu Corporation (20%) and the National Petroleum Corporation of Namibia (NAMCOR).

The deposit has proven natural gas reserves of over 40 billion cubic meters.

Gazprombank, Namibia's Namcor to finance power plant construction | Top Russian news and analysis online | 'RIA Novosti' newswire

Comrade_007 · 25th June 2009, 06:55 PM

THanks, Oneword: You are on the ball. Do you by any chance know the shareholders and ownership of Tullow Oil and Itochu Corporation? Are these companeis registered in Namibia?

Oneword · 25th June 2009, 07:41 PM

Can't find a Namibian registration, but only the following information:

From their website (http://www.tullowoil.com):

Namibia Operations and Licences

Tullow holds an operating interest in Production Licence 001 over the Kudu gas field located 170km offshore the south-west coast of Namibia.

The initial development concept for the Kudu gas field was based on supplying gas to an 800 MW base load power station developed and operated by NamPower, the Namibian state-owned power company, with electricity in excess of Namibia’s requirements being absorbed by the South African market. However, recent developments in power generation priorities in the region and the emerging potential for supplying gas into the industrial and transport markets as a replacement for diesel, HFO and LPG, have provided alternative development options. The fast maturing marine CNG technology offers the means for these options to be seriously considered. Technical and commercial studies are currently being conducted to confirm the viability of these options.

Whilst development of the Kudu main field area remains the key area of focus, Tullow is also committed to proving and commercialising the potentially significant reserves upside within the Production Licence area. The Kudu-8 well, drilled in 2007, targeted sands in the Kudu East area, originally tested by Kudu-5. The well encountered gas bearing reservoir but it was found that poor reservoir permeability precluded commercial flow rates at that location. Current exploratory appraisal efforts are now focused on locating extensions of the Kudu main field reservoir within the Production Licence.

Other Partners: NAMCOR, Itochu

Our principal goal is to build an organisation with a spirit that reflects a 'one Tullow' ethos across all our locations and operations. Our culture is based on respect for the individual and integrity, openness and honesty in all our dealings. As a Group we focus on ensuring safe working environments and systems for our employees and contractors, supported by appropriate policies and procedures.

Everyone in Tullow has individual authority, responsibility and accountability for the safety of themselves and others, and an obligation to actively participate in promoting an effective EHS culture. Each person is empowered to stop any activity if there is an unacceptable risk of accident or environmental incident.

We encourage and support healthy living options and achieving a work-life balance, offering flexible and remote working and sponsored gym and sports activities across the Group's three main offices in London, Dublin and Cape Town. We are also committed to transparent disclosure and clear communication of our activities and policies, both internally and externally.

See also: ITOCHU Corporation : Division Companies > Energy, Metals & Minerals Company

mindfactory · 3rd July 2009, 08:56 PM

It's about time change comes in Namibia.

How can we change collectively the lives of the poor and the needy in Namibia, this should be our worry and concern and life will be much easier for all of us.

Stop poverty should be our slogan!!!

Mie1 · 8th July 2009, 05:54 PM

For the fear of repeating myself. This comment by Mindfactory is totally and utterly non sequitur.

25th June 2009, 06:55 PM	#2
Comrade_007 Administrator Join Date: Aug 2007 Location: Windhoek Posts: 638 Thanks: 664 Thanked 835 Times in 355 Posts In Agreement: 96 In Agreement With 293 Times in 178 Posts	Re: Gazprombank, Namibia's Namcor to finance power plant construction THanks, Oneword: You are on the ball. Do you by any chance know the shareholders and ownership of Tullow Oil and Itochu Corporation? Are these companeis registered in Namibia? __________________ "Nothing is complete and thus nothing is exempt from criticism." - James Luther Adams:
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25th June 2009, 07:41 PM	#3
Oneword Senior Member Join Date: Oct 2007 Location: Erehwon Posts: 1,197 Images: 338 Blog Entries: 17 Thanks: 613 Thanked 1,527 Times in 718 Posts In Agreement: 284 In Agreement With 283 Times in 213 Posts	Re: Gazprombank, Namibia's Namcor to finance power plant construction Can't find a Namibian registration, but only the following information: From their website (http://www.tullowoil.com): Namibia Operations and Licences Tullow holds an operating interest in Production Licence 001 over the Kudu gas field located 170km offshore the south-west coast of Namibia. The initial development concept for the Kudu gas field was based on supplying gas to an 800 MW base load power station developed and operated by NamPower, the Namibian state-owned power company, with electricity in excess of Namibia’s requirements being absorbed by the South African market. However, recent developments in power generation priorities in the region and the emerging potential for supplying gas into the industrial and transport markets as a replacement for diesel, HFO and LPG, have provided alternative development options. The fast maturing marine CNG technology offers the means for these options to be seriously considered. Technical and commercial studies are currently being conducted to confirm the viability of these options. Whilst development of the Kudu main field area remains the key area of focus, Tullow is also committed to proving and commercialising the potentially significant reserves upside within the Production Licence area. The Kudu-8 well, drilled in 2007, targeted sands in the Kudu East area, originally tested by Kudu-5. The well encountered gas bearing reservoir but it was found that poor reservoir permeability precluded commercial flow rates at that location. Current exploratory appraisal efforts are now focused on locating extensions of the Kudu main field reservoir within the Production Licence. Other Partners: NAMCOR, Itochu Our principal goal is to build an organisation with a spirit that reflects a 'one Tullow' ethos across all our locations and operations. Our culture is based on respect for the individual and integrity, openness and honesty in all our dealings. As a Group we focus on ensuring safe working environments and systems for our employees and contractors, supported by appropriate policies and procedures. Everyone in Tullow has individual authority, responsibility and accountability for the safety of themselves and others, and an obligation to actively participate in promoting an effective EHS culture. Each person is empowered to stop any activity if there is an unacceptable risk of accident or environmental incident. We encourage and support healthy living options and achieving a work-life balance, offering flexible and remote working and sponsored gym and sports activities across the Group's three main offices in London, Dublin and Cape Town. We are also committed to transparent disclosure and clear communication of our activities and policies, both internally and externally. See also: ITOCHU Corporation : Division Companies > Energy, Metals & Minerals Company
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3rd July 2009, 08:56 PM	#4
mindfactory Senior Member Join Date: Nov 2007 Posts: 181 Thanks: 147 Thanked 152 Times in 95 Posts In Agreement: 44 In Agreement With 29 Times in 21 Posts	Re: Gazprombank, Namibia's Namcor to finance power plant construction It's about time change comes in Namibia. How can we change collectively the lives of the poor and the needy in Namibia, this should be our worry and concern and life will be much easier for all of us. Stop poverty should be our slogan!!!
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8th July 2009, 05:54 PM	#5
Mie1 Senior Member Join Date: Mar 2008 Location: Windhoek Posts: 885 Thanks: 275 Thanked 578 Times in 303 Posts In Agreement: 208 In Agreement With 133 Times in 112 Posts	Re: Gazprombank, Namibia's Namcor to finance power plant construction For the fear of repeating myself. This comment by Mindfactory is totally and utterly non sequitur.
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