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Namibia: Kudu heads for FID

Front end engineering design work on the Kudu gas project is close to completion and a final investment decision is due in mid-2014. While a project development agreement between National Petroleum Corporation of Namibia (Namcor), Tullow, Itochu and NamPower was signed in March, project sources say the one key outstanding factor is Namcor’s ability to find a new partner to take a proffered 37.8% stake in the upstream element of the project. Namcor currently has 54% after Gazprom pulled out and is keen to reduce its stake.

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