The major players on the world energy production stage are well known, and particularly in the field of oil and gas, where most of them have been in the game for a long time.
Global oil and gas exploration is increasingly concentrated in “core” areas like Guyana and Namibia, where recent discoveries have been made.
While this concentration brings economic benefits, it also raises concerns about unexplored potential in other regions and the environmental impact of deepwater drilling.
Namibia, with its recent discoveries and influx of major oil companies, is poised to become a significant player in the global oil and gas market, but must navigate the challenges of the “resource curse.”
Shell Plc plans to explore an offshore South African oil block located across the maritime border with Namibia, where a number of discoveries have been made.
ReconAfrica begins drilling highly-anticipated Naingopo oil and gas exploration well onshore Namibia
Reconnaissance Energy Africa Ltd. and its joint venture partner NAMCOR (the state oil company of Namibia), announced the spudding of the Naingopo exploration well on Petroleum Exploration Licence 73 (“PEL 73”), onshore northeast Namibia.
TotalEnergies plans to exit its discoveries of gas-condensate off the tip of South Africa to prioritise exploration in other areas closer to Namibia, according to people familiar with the matter.
Namibia’s nascent oil industry is going from strength to strength following several discoveries that have provided great enthusiasm around the future of Namibian oil. The recent success of the industry is somewhat surprising considering the failed exploration projects of previous decades. Based on several new finds, energy experts believe that Namibia could quickly become as big as Guyana in terms of its crude reserves, which has gained it huge interest from local and international oil companies.
Most oil-producing African nations are situated in the continent’s Western, Northern, and Central regions, the Southern and Eastern parts, hence scarcely boast of this precious resource. Save Angola, there is no Southern African nation that produces a significant quota of oil to contribute to the global market. However, the discoveries made in recent years, could ensure that a paradigm shift is would ensue with countries like Namibia taking center stage.
With Africa one of the last frontiers for upstream development, the OPEC+ alliance is courting emerging oil producers on the continent, such as Namibia, Ghana and Senegal, for potential membership.
Nigeria, once the sought-after beautiful bride by many oil investment suitors, is facing stiff competition from Namibia and Ivory Coast, who are emerging as the hottest destinations for oil majors in 2024.
Africa Oil has issued updates on its E&P activities offshore southern and western Africa in its latest results statement.