Namibia Emerges as Oil Exploration Hotspot Amid Major Discoveries.
While the country has yet to commence oil or gas production, major oil companies such as TotalEnergies and Shell have reported discoveries estimated at 2.6 billion barrels. Production in this southern African nation is anticipated to begin around 2030.
The Orange Basin has been the site of these discoveries, with other prospective areas including the Luderitz, Kavango, and Walvis basins also attracting interest.
A U.S. oil major is set to begin exploration later this year, having signed a development deal in April. This agreement grants the company an 80% operating working interest in an offshore block in the Walvis Basin.
Chevron Namibia Exploration Ltd. is currently operating PEL 90, an offshore deepwater block in the Orange Basin.
In addition, Azule Energy, a joint venture between Italy’s Eni and BP focused on their Angolan assets, and exploration firm Rhino Resources Namibia have entered into a farm-in agreement for a 42.5% interest in an offshore Orange Basin license, as announced by the companies in May.
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Early 2024 saw the Portuguese energy group Galp conduct tests at its Mopane-1X and Mopane-2X wells. In April, the Mopane field was estimated to potentially hold at least 10 billion barrels of oil following initial exploration phases. This marks a significant increase from 2022 figures, nearing record highs.
The discovery at Mopane, located in PEL 83, is among the largest in the Orange Basin, following successful exploration campaigns by TotalEnergies and Shell in recent years.
Galp has initiated the sale of half of its stake in the Mopane field. Currently, the company holds an 80% stake in the PEL 83 block, with the remaining 20% owned by Namibian state firm Namcor and Sintana Energy’s Namibian unit, Custos Energy.
