Namibia is expecting to produce its first oil by 2030, with development plans already in progress for the eight discoveries made in the Orange Basin since 2022. This string of successful drilling will not only create new job opportunities, industrialization, and long-term economic growth, but it has also shown the lucrative potential of offshore oil in southern Africa.
Namibia’s recent drilling success and future investment opportunities will be a major focus during the Namibia International Energy Conference (NIEC) which will take place from April 23-25 in Windhoek. Energy players and industry leaders from around the world and Namibia will come together to discuss strategies for unlocking the full potential of the Orange Basin and to highlight emerging opportunities in surrounding fields.
NIEC is a significant event that brings together policymakers, energy stakeholders, investors, and international partners to promote industry growth. Now in its sixth edition, the event is organized in partnership with the African Energy Chamber and aims to showcase Namibia as a prime investment decision. Visit www.NIEConference.com for more information.
High-Impact Discoveries Yield Positive Results
Multinational energy corporation Galp made two discoveries in PEL 83 earlier this year, marking an exciting start to 2024. The company found a column of light oil in high-quality reservoir-bearing sands at the Mopane-1X well in January 2024, followed shortly by a second discovery at the same well. Supermajor TotalEnergies also discovered hydrocarbon-bearing intervals at the Mangetti-1X well in Block 2913B. Meanwhile, Chevron filed for an environmental clearance certificate for oil and gas exploration in PEL 90 in November 2023, and Shell has made four discoveries in the basin. These discoveries have positioned the country as one of the most promising oil plays globally, with an estimated 11 billion barrels of reserves in the Orange Basin.
Looking Ahead: Merger and Acquisition Activity Grows
To replicate the upstream success, a number of E&P companies have entered or expanded their presence in the Orange Basin. TotalEnergies has allocated 30% of its exploration and appraisal budget to the country and has acquired additional participating interests in various blocks. Other companies like Rhino Resources Namibia, Woodside Energy, Africa Oil, and Impact Oil&Gas have also made strategic moves to increase their presence and investment in the region.
NIEC: The Official Dealmaking Platform for Namibian Energy
The NIEC 2024 event is set to connect new players to Namibia’s offshore acreage under the theme Reimagine Resource-Rich Namibia: Turning Possibilities into Prosperity. The conference will feature discussions on development strategies, untapped market opportunities, potential partnerships, and more, aimed at driving deals and multilateral business.
Ndapwilapo Selma Shimutwikeni, CEO and Founder of NIEC-organizer RichAfrica Consultancy, emphasized that, “Our newfound energy resources present immense potential…we must strategically prepare ourselves to harness the full value chain of these resources. Our theme, Reimagine Resource-Rich Namibia, encapsulates our vision to create a prosperous, inclusive and sustainable future for all Namibians and to position the country as a leading energy hub.”
Distributed by APO Group on behalf of African Energy Chamber.