Namibia’s attractive oil prospects and favourable fiscal incentives have attracted a wealth of oil majors including TotalEnergies, Galp, Shell, QatarEnergy, Chevron, and ExxonMobil. In the Walvis Basin the Wingat-1 discovery, drilled by HRT in 2013, which encountered rich oil-bearing source rocks, recovering light and sweet crude oil.
What is the plan for the Namibian government & international oil companies?
The plan for the Namibian government, the International Oil Companies and our partners is to accelerate development of these discoveries and to see first oil in Namibia. We have commenced appraisal work on the Graff-1 and Venus-1 discoveries and the initial results have been very encouraging.
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.
Does Namibia have oil and gas accumulation?
When the results were negative, it was very difficult to make the case to the world that Namibia does have oil and gas accumulation. These discoveries are a testament to both patience and hard work, as well as the potential of the market.