Namibia has been seeking, without luck, to develop oil and gas fields for decades. But the country’s determination might have provided the best results yet. The recent discovery by oil giant, Shell, could spell a new turn for the Southern African country’s pursuit to join the list of oil-producing countries in Africa.
Shell recently discovered a substantial offshore oil and gas well in Namibia. Early estimates showed that the Graff-1 well could contain 250 to 300 million barrels of oil and gas equivalent.
However, the government is yet to make an official statement about the discovery as they await the ‘finalization’ of data. More so, Shell is not sure if the reserves are enough to warrant developing Namibia’s first deepwater field.
This oil and gas discovery was made on the offshore Petroleum Exploration License 39 (PEL 39). Shell holds 45% ownership in the PEL 39. Another 45% interest is held by Qatar Petroleum, while the remaining 10% is owned by the National Petroleum Corporation of Namibia (NAMCOR).
Namibia does not produce any fossil fuels. However, in recent years, it has attracted interest from different oil producers. These include Total Energies and Exxon Mobil after oil discoveries in South Africa, Guyana, and Brazil.
If this discovery is significant enough to warrant an investment in a new oil field, it could spark an influx of investment into Namibia. Oil and gas exploration news have recently surfaced in Southern Africa. Invictus Energy, the Australian firm is ceased with oil and gas exploration in Zimbabwe. While in South Africa, it has already been said that billions of barrels of oil could be extracted. Only Angola is currently a significant oil producer in the region and is a member of the Organization of the Petroleum Exporting Countries (OPEC).