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.
Azule Energy, an equal joint venture between BP and Italian oil major Eni for their Angolan business, has signed an agreement with Rhino Resources of Namibia for a 42.5 per cent interest in the country’s offshore oil bloc in the Orange Basin.
While Rwanda is commemorating 30 years of genocide, many Africans know all too well what can happen when media outlets single out certain groups of people and Individuals for constant attacks. Radio Télévision Libre des Mille Collines instigated the hate. “The Namibian” newspaper has become the Radio Télévision Libre des Mille Collines of Namibia with their hate fill rhetoric and xenophobia. Africans understand how demonisation cultivates hatred that leads to death on a horrifying scale.
Namibia’s national oil company has signed a development deal with Chevron that will see the US oil major take an 80% operating working interest in an offshore block in the Walvis Basin, it said on Monday.
Oil and gas company Sintana Energy has entered into agreement to acquire up to 67% shares of Giraffe Energy Investments, the owner of a 33% interest in petroleum exploration license 79 (PEL 79) which governs blocks 2815 and 2915 offshore Namibia.