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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.
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.
Will Namibia’s offshore oil play turn into another large source of oil?
It is too early to tell whether the Namibian offshore oil play will turn into another large source of oil. But early indications suggest large finds in the hundreds of millions of barrels of recoverable oil, at least. Inevitably, the successes of Total, Shell and Galp will encourage large oil companies to direct more investment into exploration.
Is Namibia a good oil market?
Namibia has quickly become a highly attractive Exploration & Production market following oil discoveries made in 2022 and 2023 by oil majors TotalEnergies (Venus) and Shell (Graff and Jonker-1X) off the coast of Namibia. Galp Energia, leading a consortium with Namcor and Custos, has also confirmed oil discoveries off the coast of Namibia.