Following a string of offshore oil and gasoline discoveries made between 2022 and 2024, Namibia’s Orange Basin has garnered substantial curiosity from IOCs and impartial exploration and manufacturing (E&P) companies. Largely thought-about one of many world’s hottest frontier oil performs, the nation plans to provide first oil by 2030, becoming a member of the likes of Angola as a serious African oil producer.
Namibia’s Minister of Vitality and Mines Tom Alweendo will converse on the Angola Oil&Fuel (AOG) convention this October. His participation displays the nation’s dedication to leveraging regional collaboration to spice up oil and gasoline growth and aligns intently with Angola and Namibia’s shared targets of Driving Exploration and Growth In direction of Elevated Manufacturing – the theme of AOG 2024. In the course of the occasion, Minister Alweendo will present an replace on exploration endeavors in Namibia whereas drawing perception into future funding alternatives and areas for collaboration.
AOG is the biggest oil and gasoline occasion in Angola. Going down with the complete help of the Ministry of Mineral Sources, Oil and Fuel; nationwide oil firm Sonangol; the Nationwide Oil, Fuel and Biofuels Company; the African Vitality Chamber; and the Petroleum Derivatives Regulatory Institute, the occasion is a platform to signal offers and advance Angola’s oil and gasoline business. To sponsor or take part as a delegate, please contact sales@energycapitalpower.com.
Since play-opening discoveries have been made within the Orange Basin in 2022 by vitality majors Shell (Graff-1) and TotalEnergies (Venus-1), plenty of corporations have entered Namibia’s upstream market within the hopes of delivering related finds. Canadian oil and gasoline exploration firm Sintana Vitality secured a stake in two blocks within the Orange Basin in June 2024 by its acquisition of a 49% curiosity in non-public Namibian firm Giraffe Vitality Investments. Petroleum refineries company Chevron signed a deal for an 80% working curiosity in PEL 82 whereas Azule Vitality – Angola’s largest impartial fairness producers of oil – farmed-in to Block 2914A in PEL 85. In the meantime, Shell and oil and pure gasoline conglomerate ExxonMobil are evaluating bids for a stake in vitality company Galp’s Mopane oilfield – boasting as much as 10 billion barrels of oil equal.
These developments comply with discoveries made on the Mangetti-1X nicely in February 2024; the Mopane-1X nicely in January 2024; the Lesedi-1X nicely in July 2023; and the Jonker-1X nicely in March 2023. Shell’s Graff-1X, La Rona and Jonker-1X wells might include as a lot as 1.7 billion barrels of oil equal whereas TotalEnergies’ Venus-1X challenge might include as a lot as three billion barrels – making it sub-Saharan Africa’s largest discovery. With these, Namibia is on monitor to develop into a serious oil and gasoline producer whereas demonstrating its dedication to fast-tracking developments, with a concentrate on offshore tasks.
On this sense, Namibia stands to study lots from neighboring Angola, which has vital expertise in growing deepwater oil and gasoline tasks. As much as 75% of Angola’s crude is produced offshore, primarily from the Cabinda subject and deepwater fields within the Decrease Congo Basin. Going ahead, deep and ultra-deepwater tasks will proceed to be on the forefront of efforts to keep up manufacturing above a million barrels per day. Main tasks embody the Kaminho growth in Block 20/11 – the primary massive deepwater growth within the Kwanza Basin, comprising the Cameia and Golfinho fields – and the Agogo Built-in West Hub Growth in Block 15/06. Set to return on-line in 2028 and 2026, respectively, the tasks function a benchmark for rising deepwater developments in Namibia.
Onshore, numerous corporations are making strides in direction of uncovering industrial deposits within the nation. Oil and gasoline firm ReconAfrica spud the Naingopo exploration nicely at PEL 73 in July 2024, focusing on 163 million barrels of oil. The nicely is the primary of a multi-well marketing campaign, with the second to be drilled by This autumn this yr. Moreover, in July 2024, exploration firm 88 Vitality launched a 2D seismic acquisition program for PEL 93 within the Owambo Basin, onshore Namibia, aimed toward figuring out untapped deposits.
In the course of the AOG 2024 convention, Minister Alweendo will take part in a ministerial panel exploring regional commerce and integration. His participation is predicted to create new pathways for cross-border collaboration and will likely be instrumental in strengthening cooperation round oil and gasoline exploration and manufacturing in Africa.
Distributed by APO Group on behalf of Vitality Capital&Energy.