• Home
  • Market Watch
  • Namibia anticipated to become third biggest SSA oil producer
EXCITEMENT: Namibia is projected to become the third biggest producer of oil, amid expectations that the Port of Lüderitz, seen here, will serve as an important hub for the development of its oil and gas sector. PHOTO: NAMPORT
EXCITEMENT: Namibia is projected to become the third biggest producer of oil, amid expectations that the Port of Lüderitz, seen here, will serve as an important hub for the development of its oil and gas sector. PHOTO: NAMPORT

Namibia anticipated to become third biggest SSA oil producer

Ogone Tlhage
Namibia is projected to become the third-largest oil producer in Sub-Saharan Africa (SSA), Nedbank’s head of oil and gas in London, Chris Coombs, says.

Coombs made the remarks at an oil and gas discussion held by the bank and said the oil sector was beaming with excitement about potential significant finds by international oil companies (IOCs) Shell, TotalEnergies, and Galp in the past two years.

According to Coombs, while IOCs had struggled to find commercially viable deposits to exploit at the start of the decade, Namibia could potentially become an oil producer by the end of the decade, placing it behind oil majors Nigeria and Angola, who produce 1.25 million barrels per day (bpd) and 1.1 million bpd, respectively.

“By the end of the decade, there is a possibility that Namibia could be the largest SSA producer in the world, and the opportunities are vast and exciting,” Coombs said.



Clear opportunities

Coombs said TotalEnergies’ intent to direct 50% of its exploration budget towards Namibia was further testament to the confidence held in Namibia.

“I think when we see a company like TotalEnergies commit 50% of its total exploration budget of US$100 million to Namibia, that is testament to the size of the opportunity. There is still risk, there are still firm numbers to be done, but the opportunity is absolutely clear,” he said.

“The scale of the opportunity is absolutely huge. People talk about Namibia in the oil and gas sector,” he added.

While no IOCs have yet produced any oil or gas, TotalEnergies and Shell have made discoveries estimated at 2.6 billion barrels, with production in the southern African country expected from about 2030.

There have been discoveries in the Orange Basin, and there are other prospective areas, including the Lüderitz, Kavango and Walvis basins.

Namibia is planning for its first oil production from Venus, estimated to hold about 5.1 billion barrels of oil between 2029 and 2030.

- Additional reporting by Reuters

Comments

Namibian Sun 2024-11-06

No comments have been left on this article

Please login to leave a comment

Premier League: Fulham 2 vs 1 Brentford | Manchester United 1 vs 1 Chelsea | Tottenham Hotspur 4 vs 1 Aston Villa Katima Mulilo: 22° | 37° Rundu: 21° | 36° Eenhana: 22° | 36° Oshakati: 22° | 35° Ruacana: 21° | 36° Tsumeb: 21° | 33° Otjiwarongo: 18° | 33° Omaruru: 20° | 36° Windhoek: 19° | 33° Gobabis: 18° | 36° Henties Bay: 14° | 21° Wind speed: 22km/h, Wind direction: W, Low tide: 11:33, High tide: 05:50, Low Tide: 23:58, High tide: 17:56 Swakopmund: 14° | 16° Wind speed: 19km/h, Wind direction: NW, Low tide: 11:31, High tide: 05:48, Low Tide: 23:56, High tide: 17:54 Walvis Bay: 13° | 22° Wind speed: 22km/h, Wind direction: NW, Low tide: 11:31, High tide: 05:47, Low Tide: 23:56, High tide: 17:53 Rehoboth: 18° | 35° Mariental: 19° | 37° Keetmanshoop: 18° | 37° Aranos: 18° | 38° Lüderitz: 13° | 23° Ariamsvlei: 17° | 36° Oranjemund: 14° | 31° Luanda: 25° | 26° Gaborone: 16° | 32° Lubumbashi: 17° | 32° Mbabane: 12° | 18° Maseru: 9° | 29° Antananarivo: 16° | 30° Lilongwe: 25° | 33° Maputo: 19° | 24° Windhoek: 19° | 33° Cape Town: 14° | 26° Durban: 16° | 17° Johannesburg: 15° | 28° Dar es Salaam: 26° | 32° Lusaka: 22° | 33° Harare: 19° | 30° Currency: GBP to NAD 22.75 | EUR to NAD 18.97 | CNY to NAD 2.47 | USD to NAD 17.74 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.27 | EGP to NAD 0.35 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.64 | ZWL to NAD 0.04 | BRL to NAD 3.03 | RUB to NAD 0.18 | INR to NAD 0.21 | USD to DZD 133.27 | USD to AOA 909.05 | USD to BWP 13.47 | USD to EGP 49.15 | USD to KES 129.2 | USD to NGN 1664.36 | USD to ZAR 17.75 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1878.44 Up +0.10% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 30793.94 Up +0.47% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 700.16/OZ DOWN -0.0166 | Copper US$ 4.29/lb DOWN -0.0332 | Zinc US$ 2 994.90/T DOWN -4.16% | Brent Crude Oil US$ 74.53/BBP DOWN -0.0172 | Platinum US$ 977.62/OZ DOWN -0.0201 Sport results: Premier League: Fulham 2 vs 1 Brentford | Manchester United 1 vs 1 Chelsea | Tottenham Hotspur 4 vs 1 Aston Villa Weather: Katima Mulilo: 22° | 37° Rundu: 21° | 36° Eenhana: 22° | 36° Oshakati: 22° | 35° Ruacana: 21° | 36° Tsumeb: 21° | 33° Otjiwarongo: 18° | 33° Omaruru: 20° | 36° Windhoek: 19° | 33° Gobabis: 18° | 36° Henties Bay: 14° | 21° Wind speed: 22km/h, Wind direction: W, Low tide: 11:33, High tide: 05:50, Low Tide: 23:58, High tide: 17:56 Swakopmund: 14° | 16° Wind speed: 19km/h, Wind direction: NW, Low tide: 11:31, High tide: 05:48, Low Tide: 23:56, High tide: 17:54 Walvis Bay: 13° | 22° Wind speed: 22km/h, Wind direction: NW, Low tide: 11:31, High tide: 05:47, Low Tide: 23:56, High tide: 17:53 Rehoboth: 18° | 35° Mariental: 19° | 37° Keetmanshoop: 18° | 37° Aranos: 18° | 38° Lüderitz: 13° | 23° Ariamsvlei: 17° | 36° Oranjemund: 14° | 31° Luanda: 25° | 26° Gaborone: 16° | 32° Lubumbashi: 17° | 32° Mbabane: 12° | 18° Maseru: 9° | 29° Antananarivo: 16° | 30° Lilongwe: 25° | 33° Maputo: 19° | 24° Windhoek: 19° | 33° Cape Town: 14° | 26° Durban: 16° | 17° Johannesburg: 15° | 28° Dar es Salaam: 26° | 32° Lusaka: 22° | 33° Harare: 19° | 30° Economic Indicators: Currency: GBP to NAD 22.75 | EUR to NAD 18.97 | CNY to NAD 2.47 | USD to NAD 17.74 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.27 | EGP to NAD 0.35 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.64 | ZWL to NAD 0.04 | BRL to NAD 3.03 | RUB to NAD 0.18 | INR to NAD 0.21 | USD to DZD 133.27 | USD to AOA 909.05 | USD to BWP 13.47 | USD to EGP 49.15 | USD to KES 129.2 | USD to NGN 1664.36 | USD to ZAR 17.75 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1878.44 Up +0.10% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 30793.94 Up +0.47% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 700.16/OZ DOWN -0.0166 | Copper US$ 4.29/lb DOWN -0.0332 | Zinc US$ 2 994.90/T DOWN -4.16% | Brent Crude Oil US$ 74.53/BBP DOWN -0.0172 | Platinum US$ 977.62/OZ DOWN -0.0201