Namibia is on track to produce its first oil from offshore discoveries by 2030 and the country is getting ready to take on a more prominent role in global supply chains. Offshore discoveries and onshore exploration efforts are expected to transform the domestic economy while establishing new export chains for both regional and international consumers. During NIEC 2024, the OPEC delegation will present the organization’s World Oil Outlook, sharing insight into ongoing developments, future expectations, and efforts to create market stability.
With the development of offshore oil and gas discoveries, Namibia is poised to become a major player globally. Discoveries made by energy majors TotalEnergies, Shell, and QatarEnergy in 2022 and 2023 opened the Orange Basin, with recent drilling success further highlighting the potential for billion-barrel deposits in Namibia.
Multinational energy corporation, Galp, made two discoveries at the Mopane-1X well in 2024 while TotalEnergies announced its second Orange Basin find, with hydrocarbon intervals revealed at the Mangetti-1X well this year. Since 2022, Shell made discoveries at the Jonker-1; La Rona; and Graff-1 wells – expected to hold as much as 1.7 billion barrels in total – while drilling at the Lesedi-1 well in 2023 showed the presence of hydrocarbons. Going forward, exploration in both offshore and onshore basins is set to yield positive results, further underscoring the country’s position as a frontier contender.
Offshore, Galp has proceeded to spud the Mopane-2x well while energy major Chevron expects to spud its first well in PEL 90 in 2024. Exploration and production companies are also making strides onshore. Independent oil and gas company ReconAfrica plans to start drilling in the Kavango Basin this year. Correspondingly, exploration company 88 Energy plans to kickstart exploration in Namibia’s PEL 83 having recently acquired a 45% non-operated interest in the asset.
OPEC’s participation during NIEC 2024 further underscores the organization’s commitment to improving the oil market for up-and-coming producers such as Namibia. Taking place April 23-25 in Windhoek, the sixth edition of NIEC 2024 will connect foreign investors to Namibian energy projects. With the participation of project operators, investors, and Namibian energy leaders, the event will provide an update on ongoing developments, regulatory reform, and upcoming opportunities.
Distributed by APO Group on behalf of African Energy Chamber.
Issued by:
Bophelo Communications
Contact: Nkateko Khosa
Email: nkatekok@bophelocomms.co.za or info@bophelocomms.co.za
Contact: +27 83 514 3728
For more information and updates on the Namibia International Energy Conference please to go:
Web: www.NIEConference.com
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About NIEC:
NIEC is an influential event that brings together policymakers, energy stakeholders, investors, and international partners to foster industry growth. Now in its sixth edition, the event serves to highlight Namibia’s position as a prime investment decision. The African Energy Chamber is a strategic partner and fully endorses NIEC 2024 which takes place from 23-25 April 2024. Visit www.NIEConference.com for more information.
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