Polarcus Limited ("Polarcus") and the National Petroleum Corporation of Namibia ("NAMCOR") have signed a Memorandum of Understanding ("MOU") that aims to assist with the responsible exploration and development of Namibia's offshore petroleum resources through a collaboration comprising various geoscience initiatives and the provision of specialist business support services.
Under the terms of the MOU, Polarcus and NAMCOR will work together to identify opportunities and develop initiatives to enhance and promote the petroleum potential using Polarcus' specialist services and expertise. Polarcus will provide 3D/4D marine seismic acquisition and processing services together with its geoscience expertise to help promote industry investment offshore Namibia.
Commenting on the agreement, Stephen Doyle, SVP Multi-Client Polarcus, said: "Namibia has an extensive yet still relatively unexplored shelf and we are excited at the opportunity to collaborate with NAMCOR on several initiatives to assist in realizing Namibia's full potential. The country has seen an upturn in exploration activity over recent years with encouraging results that justifies further exploration and development to unlock Namibia's petroleum resources."
Equally upbeat about the agreement, NAMCOR's Acting Managing Director Ludwig Kapingana said: "The accord provides an opportunity for the national oil company to get much needed technical support, which I am confident will strengthen NAMCOR's participation in future hydrocarbon exploration activities in Namibia".
The partnership agreement comes at an opportune time for Namibia, with the country's position on the global hydrocarbon map having seen tremendous growth in recent years.