Thursday , February 22 2024

Positive oil, gas prospects on the radar

Namibia has emerged as a highly attractive E&P play, with a series of investors and project developers turning their attention to the high potential market.

During the Invest in African Energy Forum in Paris, taking place ahead of the much-anticipated African Energy Week (AEW) conference and exhibition, scheduled for October 16-20 this year, Acting Managing Director Shiwana Ndeunyema and Executive for Upstream Exploration Victoria Sibeya at the national oil company (NOC) NAMCOR, delivered presentations on the investment and partnership opportunities available in the country.

In 2022 and 2023, Namibia witnessed three large-scale oil and gas finds by energy majors Shell, TotalEnergies and Qatar Energy, and as such, Ndeunyema stated that NAMCOR is “now looking at harnessing the full potential of the sector.”

The discoveries, Ndeunyema states, “will place the country as one of the top oil producers by 2035,” while doubling Namibia’s GDP in the next ten years.

As such, NAMCOR is accelerating the development of the finds, and according to Sibeya, the company is “talking about a fast-tracked program, if the appraisal program is a success.”

She added that, “We are targeting first oil production by 2029.”

In addition to the 2022-23 finds, Sibeya provided insight into the Kudu gas project, stating that NAMCOR is “planning to produce 400 MW of power from gas, with operations starting in 2026.”

Sibeya shared that the pre-Front End Engineering and Design (FEED) study has been completed, while she expects the FEED study to be completed by Q1 2024. Power generated from the project will be used for domestic purposes, as well as for export to regional markets.

Meanwhile, Namibia’s investment potential transcends oil and gas, with the country making strides towards establishing itself as a global hydrogen producer and exporter. To this effect, Namibia-global partnerships have played a fundamental role, and as the green market opens up even further, opportunities for bi- and multilateral partnerships are growing.

Ndeunyema stated that NAMCOR “is in the process of establishing itself as a fully integrated energy company,” and that they are “actively engaging in renewable energy, green hydrogen and R&D programs. We are working on establishing three strategic partnerships on green hydrogen. We are also looking at creating more synergies between oil and gas and green hydrogen.”

Namibia’s frontier potential will be on display during this year’s edition of AEW 2023 – the biggest energy event taking place on the African continent. Since the country’s 2022 discoveries, the African Energy Chamber has worked closely with the government to secure new investment across the energy value chain. During AEW 2023, regional and global financiers will be directly connected to these opportunities, as both Namibia and the chamber work towards making energy poverty history on the back of oil and gas monetization.

AEW 2023 is the African Energy Chamber’s annual energy event. This year’s edition takes place in Cape Town from October 16-20 under the theme, ‘The African Energy Renaissance: Prioritizing energy poverty, people, the planet, industrialization and free market.’

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