Brazilian oil and gas start-up HRT boosted its net potential oil resources 12% to 7.9 billion barrels of oil equivalent (boe) following a certification study of its assets in Namibia.
HRT said oil field certification group DeGolyer & MacNaughton estimated that three blocks in Nambia's offshore Orange Basin in the Atlantic Ocean hold 815 million boe.
The 7.9 billion boe estimate is equivalent to about 13.5 months of US oil consumption, according to BP Plc's 2011 Statistical Review of World Energy.
HRT of Brazil has already declared that it will drill four wells in the region next year
The company, which also holds assets in the Brazilian Amazon, raised 1.5 billion dollars in its 2010 initial public offering.
HRT Participações em Petróleo S.A. is an independent Brazilian oil and natural gas exploration and production (“E&P”) holding company, formed by a group of senior geoscientists and engineers who previously held key positions at Petróleo Brasileiro S.A - Petrobras, and the ANP as senior geoscientists and engineers.
The Company’s senior management possesses significant technical knowledge and operational experience in the Brazilian and Western African sedimentary basins as well as extensive environmental expertise in Brazilian onshore and offshore E&P activities and regulatory knowledge of the Brazilian oil and natural gas industry.