Which oil company has made a third oil discovery in Namibia?
WINDHOEK, March 6 (Reuters) – Namibia’s state-owned oil company NAMCOR has made a third oil discovery with partners Shell (SHEL.L) and QatarEnergy in the Jonker-1X deepwater exploration well, in the Orange Basin offshore southern Namibia, it said on Monday.
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.
Could new discoveries make Namibia a new oil producer?
New discoveries could make Namibia, the southern neighbour of OPEC member Angola, another oil producer along the African Atlantic coast.
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.