“The government recognizes the complexities and high costs associated with the development of the Venus oil field by TotalEnergies,” Kornelia Shilunga, special adviser and head of upstream petroleum unit in the Namibian Presidency, said in a reply to questions.
Canada’s Stamper Oil & Gas will acquire BISP Exploration for an indirect stake in five offshore Namibian blocks, Stamper said on Wednesday.
“The farm-down agreement between Impact and TotalEnergies that was completed last year provides full carry of Impact’s exploration and development costs on Blocks 2912 and 2913B through to first commercial production from these blocks. This presents us with an attractive opportunity set to test different geological plays on these blocks at no upfront cost”, Africa Oil President and CEO Roger Tucker said.
“Prospect I is one of the largest mapped structures in the Damara Fold Belt, is well imaged from 2D seismic, and demonstrates a four-way dip closure in which we expect to penetrate over 1,500 meters of Otavi reservoir. Drilling at the Prospect I location has been significantly derisked by the results of our first Damara Fold Belt well, Naingopo, which encountered reservoir in the Otavi carbonates, hydrocarbon shows and oil to surface. We are excited to drill this follow-on exploration well as we continue to look to unlock the significant hydrocarbon potential of the Damara Fold Belt.”
Namibia’s offshore oil and gas industry is set for significant growth in 2025, driven by new licensing opportunities and an uptick in drilling activities, Petroleum Commissioner Maggy Shino announced during a webinar hosted by the African Energy Chamber, Wood Mackenzie and Namibia’s Ministry of Mines and Energy. The move is set to attract fresh investment as the country cements its status as one of the world’s most promising oil frontiers.
Galp has successfully drilled, cored and logged the Mopane-3X well offshore Namibia and confirmed the presence of light oil and gas condensate in significant quantities, the company announced on Tuesday.
When TotalEnergies and Shell made offshore discoveries there in 2022, the sparsely populated African country aspired to develop its resources quickly before a global energy transition lowers demand for crude. But recent results from offshore fields have brought on a more measured view, and central bank Governor Johannes !Gawaxab says expectations should be dialed back.
Custos Energy announced completion of the previously announced farm-in by Chevron Namibia Exploration II Limited, a subsidiary of Chevron Corporation, into Petroleum Exploration License 82 (PEL 82). The transaction provides for an 80% participating interest and operatorship for Chevron, with each of Custos and the National Petroleum Company of Namibia (NAMCOR) retaining 10% interests.
Shell (SHEL.L), opens new tab will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country’s efforts to become a crude producer.
Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia “cannot currently be confirmed for commercial development.”
Namibia has been a frequently mentioned name when talking about the future global oil landscape. With potentially significant reserves, the southwestern African country eyed the status of fifth-largest oil producer on the continent. But then something happened: Big Oil discovered gas. A lot of it.