UK-based Shell, which has drilled four exploration wells in the Atlantic Ocean off Namibia’s southern coast since 2021, received approval in June to drill 10 more. This year France’s TotalEnergies will spend $300mn — half of its global exploration budget — in the country.
Is offshore Namibia oil exploration a good investment?
With a coastline of almost 1,600 km, offshore Namibia oil exploration has become highly attractive in recent years for Major companies. Namibia’s attractive oil prospects and favourable fiscal incentives have attracted a wealth of oil majors including TotalEnergies, Galp, Shell, QatarEnergy, Chevron, and ExxonMobil.
Which companies have confirmed oil discoveries off the coast of Namibia?
Galp Energia, leading a consortium with Namcor and Custos, has also confirmed oil discoveries off the coast of Namibia. Oil supermajor, Shell has successfully completed its latest deepwater drilling effort offshore Namibia, confirming the presence of hydrocarbons.
How much oil does Namibia have?
According to Namibia’s National Petroleum Company NAMCOR, fields in Namibia’s offshore Orange Basin (where Total and Shell drilled multiple exploratory wells) hold 11 billion barrels of light oil and 2.2 trillion cubic feet of natural gas reserves.