With Galp’s recent hydrocarbon discoveries in the Mopane Structure in the offshore Orange Basin, estimated to hold at least 10 billion barrels of oil and gas equivalent, Namibia has solidified its position as Africa’s leading exploration hotspot. Maggy Shino, Petroleum Commissioner of Namibia’s Ministry of Mines and Energy, will lead discussions on the country’s transition into a hydrocarbon producer and the status of major discoveries by Shell and TotalEnergies at African Energy Week (AEW): Invest in African Energy 2024, set for November 4-8 in Cape Town.
As a frontier market with a proven petroleum system, Namibia has attracted major explorers and expects first oil from its deepwater Orange Basin by 2030. While TotalEnergies and Shell continue to appraise their discoveries – with TotalEnergies’ Venus-1 discovery estimated to hold over 5 billion barrels – Chevron is preparing to drill its first exploration well in PEL 90 by the end of 2024. Onshore, ReconAfrica recently initiated the Naingopo-1 well as part of an exploration campaign in the Kavango Basin in PEL 73, estimated to contain over 22 trillion cubic feet of undiscovered gas in the Damara Fold Belt.
AEW: Invest in African Energy is the premier platform for project operators, financiers, technology providers, and government officials to sign deals in African energy. For more information about this event, visit www.AECWeek.com.
Due to increased interest in Namibia’s offshore acreage, the country has seen a number of farm-in deals recently. BW Energy farmed-in to PEL 73, committing up to $141 million in working capital and participating in exploration activities. Azule Energy acquired a 42.5% interest in Block 2914A from Rhino Resources Namibia, while Eco Atlantic acquired a stake in Block 1 from Tosaco Energy. Global Petroleum is in discussions for a potential farm-in agreement for PEL 94 in the offshore Walvis Basin.
Commissioner Shino will also address Namibia’s gas development plans, with a focus on the Kudu Conventional Gas Development set for FID this year and production in 2026. This project aims to enhance domestic power generation and create economic opportunities. To support long-term production goals, the Ministry of Mines and Energy is advancing petroleum revenue management legislation and local content policies.
At AEW: Invest in African Energy 2024, Commissioner Shino and the Namibian delegation will showcase projects, explore new opportunities, and engage with industry leaders to further the country’s oil and gas ambitions. The event will serve as a key platform for attracting investments to Namibia’s growing upstream sector.
“Namibia’s ongoing discoveries in the Orange Basin highlight its potential to drive economic growth and energy security in the region. The Ministry’s proactive approach in promoting exploration activities and local content policies will be essential in achieving these goals,” says NJ Ayuk, Executive Chairman of the African Energy Chamber.
Through AEW: Invest in African Energy 2024, Namibia aims to demonstrate its potential and attract investments to its evolving upstream sector, setting an example for other emerging producers to follow.
Distributed by APO Group on behalf of African Energy Chamber.