Monday , February 10 2025

Namibia’s Oil Boom: A New Wave of Drilling

 A flurry of exploration activity is set to kick off in Namibia’s offshore waters, with the arrival of the drilling rig Santorini signalling the start of a new wave of oil exploration.

The Saipem-owned rig, en route to the Mopane field, owned by Portuguese energy giant Galp Energia, is the first of several rigs expected to drill in Namibian waters before the year’s end. This follows a series of significant oil discoveries that have placed the southern African nation firmly on the global energy map.

Global energy majors, including TotalEnergies and Chevron, are among those eager to capitalize on Namibia’s newfound hydrocarbon potential. These companies are gearing up for their drilling campaigns, aiming to further unlock the vast reserves believed to lie beneath the Atlantic Ocean.

Namibia’s Petroleum Commissioner, Maggy Shino, has confirmed that Rhino Resources will also be initiating a two-well drilling campaign in November, while Chevron is slated to drill in December. TotalEnergies, meanwhile, has its sights set on the Tamboti prospect for exploration later this year.

The surge in exploration activity comes despite a tightening of budgets among oil majors as they grapple with the global energy transition. However, the allure of Namibia’s promising oil discoveries has proven too tempting to resist.

As the drilling rigs move into position, the world watches with anticipation, eager to see if Namibia can solidify its status as a major player in the global oil and gas industry.

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