Namibia makes series of oil discoveries worth 10.5 billion barrels

In the last 18 months, a series of oil discoveries have been made in the Orange Basin offshore Namibia, which could potentially hold a combined total of up to 10.5 billion barrels of oil, according to Namibia’s state-owned oil firm, Namcor. The figures are pre-appraisal estimates for oil and exclude associated gas volumes. The discoveries include the Venus field with an estimated 5.1 billion barrels, the Graff field with 2.4-2.6 billion barrels, the Jonker field with 2.5 billion barrels, and the Lesedi field with 0.3 billion barrels.

The Venus discovery, operated by TotalEnergies, is considered one of the largest hydrocarbon discoveries globally since 2015 and has the potential to be a supergiant field. The oil firm believes that these discoveries could result in first oil production by around 2029-2030, which could elevate Namibia into the ranks of the world’s top 15 oil producers by 2035.

Foreign oil companies such as Shell, Qatar Petroleum, and TotalEnergies are investing in Namibia’s emerging upstream oil and gas sector. These companies are expected to receive 36% of production revenues, while Namcor will hold a 10% stake. The remainder will go to the Namibian government, including a 5% royalty fee, a 35% corporate income tax, an additional profits tax ranging from 5% to 12%, an annual license fee, and a training contribution. These developments are projected to significantly boost Namibia’s economy, potentially doubling its annual GDP to $37 billion by 2040.

Namibia’s burgeoning oil discoveries hold significant promise for the country’s economic growth and its role in global energy markets, but as with any resource development, there are also environmental and social considerations that need to be carefully managed.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You'll get daily industry insights on

Energy, Cleantech, Oil & Gas, Mining, Defense, Aviation, Construction, Transportation, Online Retail, Bigtech, Finance and Politics of Business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Foreign investors suspend roles in Russia’s Arctic LNG 2 project due to sanctions

Foreign shareholders have reportedly suspended their participation in Russia’s Arctic LNG 2 project, one of the country’s significant liquefied natural gas (LNG) initiatives, citing sanctions. This decision entails relinquishing their responsibilities for financing and offtake contracts for the…

UK’s £4.5 billion battery boost: accelerating the electric vehicle revolution

The race among nations to subsidize the production of electric vehicle (EV) batteries has gained another participant, with the UK government unveiling its “Advanced Manufacturing Plan” on Sunday. This comprehensive 47-page strategy allocates £2 billion ($2.5 billion) for the automotive…

EU and UK reach agreement to extend deadline for EV rules until 2026

The European Union and the United Kingdom have reached an agreement to extend the deadline for compliance with local content rules for electric vehicles (EVs) until the end of 2026. This extension comes as a measure to avoid the imposition of tariffs on the trade of EVs between…

Stay informed

error: Content is protected !!