Namibia has ambitions to become one of the largest oil producers in Africa by 2035, with an average output of half a million barrels daily, displacing Egypt in the top five list, a government official has said.
Global Petroleum, an AIM-listed oil and gas upstream exploration company presently focused on Africa and the Mediterranean, has engaged in discussions to secure a farm-in agreement with an undisclosed potential operating partner for its petroleum exploration license (PEL) 94 in Block 2011A in the Walvis Basin, off the coast of Namibia.
In July, Canadian independent Reconnaissance Energy Africa (ReconAfrica) spud the Naingopo-1 exploration well in the Damara Fold Belt in Namibia’s Kavango basin.
Brazil’s state-run oil firm Petrobras has made a non-binding offer to buy a major stake in Galp Energia’s huge offshore oil discovery in Namibia, Petrobras exploration and production director Sylvia dos Anjos told Reuters on Friday.
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.