Offshore staff
OSLO, Norway — Recent high-profile exploration successes in Namibia have drawn the attention of majors and smaller players alike to the potential oil and gas riches in the Southern African nation, according to a recent in-depth report by Rystad Energy.
Offshore finds such as Venus by TotalEnergies and Shell’s Graff as well as confirmation of a working petroleum system in the onshore Kavango Basin through Reconnaissance Africa’s exploration efforts have pulled in foreign investment.
Discoveries are, however, in the very initial stages of development, and further appraisal work is needed to ascertain resource bases.
As operators move ahead with plans to drill more wells, Rystad says smaller partners will need to decide whether to raise funding to take part in drilling or to sell their stakes to others with the requisite financial capacity. The rich resource base and favorable fiscal regime already has some comparing the Namibian success story to that of Guyana, which has unlocked significant oil volumes offshore.
11.28.2022
