Custos Energy announced that the Mopane 2X exploration well located on blocks governed by Petroleum Exploration License 83 (“PEL 83”) in the heart of Namibia’s Orange basin has been spud.
The Italian multinational energy company Eni and the Libyan National Oil Corporation (NOC) discussed the exploratory programs planned for 2024.
Despite the call heard ’round the world commanding the global business community to divest from fossil fuels and shrink their carbon footprints in the name of net zero, international oil companies (IOCs) still recognize Africa as their next frontier.
Global spending on conventional oil and gas exploration will hit over $50 billion in 2023, according to energy research company Rystad Energy.
Spending on conventional oil and gas exploration is on the rise and is set to top $50 billion this year, led by offshore investments, however, discovery volumes are falling to new lows, despite the rising investments. This is according to Rystad Energy, a Norway-based energy industry intelligence group.
Oilfield services companies are among the biggest winners as demand soars on a favorable mix of exploration and offshore activity.
Dr Mohammed Adam has announced to investors that the country will soon commence a process to offer new oil blocks for exploration in the Eastern Basins.
Royal Dutch Shell Plc has made an oil discovery in Namibia, an area where previous explorers have largely failed to find commercial resources.
Melbana Energy has discovered evidence of oil in its drilling operations at the onshore Alameda-1 exploration well