NDN Staffer
WALVIS BAY, Aug 23 — Recent offshore oil discoveries in Namibia have sparked substantial excitement, with TotalEnergies’ Venus-1X discovery contributing significantly to the estimated total of approximately 11 billion barrels of oil. State-owned oil firm NAMCOR unveiled these remarkable findings in a presentation of preliminary data.
Despite not having yet commenced oil or gas production, Namibia has emerged as a global exploration hotspot. This surge in interest has been catalyzed by deep water discoveries made by industry giants Shell and TotalEnergies over the past two years. In addition to these key players, companies like Chevron, ExxonMobil, and Galp Energia are actively engaged in exploration and appraisal activities within Namibia’s waters.
The cumulative impact of these discoveries is poised to transform Namibia’s standing in the global oil industry. According to NAMCOR’s insights, the nation could become a top 15 oil producer by 2035, an achievement that could potentially double the country’s gross domestic product (GDP) per capita within the span of a decade.
Breaking down the significant findings, NAMCOR’s presentation, shared with Reuters, reveals that the Venus well holds approximately 5.1 billion barrels of oil. Shell’s Graff-1X and Jonker-1X wells contribute 2.38 billion and 2.5 billion barrels respectively to this exciting equation. Notably, these wells are still undergoing appraisal, and a final reserve estimate is anticipated to be released later this year, as confirmed by Namibian oil officials.
The strategic approach to development is evident in the fast-tracked progress of the Venus and Jonker wells. NAMCOR, holding a 10% interest in these discoveries, highlighted their advancement through a “multi-phased incremental” approach. As for Shell’s Graff and Le Rona wells, there is no finalized development concept yet.
The economic implications are substantial. “Initial estimates show Graff and Venus have the potential to almost double the Namibian GDP by 2040 to close to $37 billion,” NAMCOR articulated, underlining the transformative potential these discoveries hold for the country’s financial landscape.
As Namibia’s oil sector inches closer to full-scale production, the nation stands on the cusp of a transformative journey. The exploration and tapping of these offshore resources have the capacity to reshape the country’s economic trajectory and propel it onto the global stage as a significant oil player. -Namibia Daily News
