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Namibia’s State Oil Company to Sell Interest in Kudu Gas Field

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April 23 (Bloomberg) -- National Petroleum Corp. of Namibia wants to reduce its 54 percent interest in the Kudu gas field off the southwest African nation, Managing Director Obeth Kandjoze said.

Namcor, as the state-owned company is known, would keep a 30 percent stake, he said at a conference in Windhoek, the capital. The company has a directive from the government to produce first gas from the field by 2018.

Exploration off Namibia, where 18 wells have been drilled, has so far focused on the Kudu gas field, still untapped since its discovery in 1997. Namibia Power Corp., the electricity utility known as Nampower, this month issued a tender for an 800-megawatt plant, expected to cost 9 billion Namibian dollars ($973 million) that will use gas from the Kudu field.

Namcor wants to resolve the sale of the interest in Kudu in a matter of weeks, Kandjoze said. “We don’t want to keep it open for longer in order to move things along,” he said.

To contact the reporter on this story: Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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