Namibia wants oil flowing by 2028The National Petroleum Corporation of Namibia (Namcor) says it is working to speed up oil production at two recently discovered wells by Shell and TotalEnergies.
On the sidelines of the Qatar Economic Forum in an interview with Bloomberg, Namcor board chairperson Jennifer Comalie said efforts to speed up production were being made in collaboration with the two oil giants. Energy Voice reported that oil could start flowing as soon as 2028.
Shell (Graff 1 block) and TotalEnergies (Venus block) had both announced significant discoveries off the coast of Namibia in two oil blocks the companies are drilling.
“These new oil discoveries have really been a game-changer for Namibia. In this case, Venus especially is such an exciting discovery,” Comalie said.
Shell has a 45% interest in the Graff 1 block while QatarEnergy holds another 45% interest. TotalEnergies holds a 40% interest in the Venus block while QatarEnergy and Impact and Oil Gas hold a 30% and 20% stake respectively.
Namcor carries the remaining 10% in both blocks.
“All the partners are aligned that we need to get as quickly as possible to production and especially on the Venus production, which is the biggest,” she said.
Venus a significant discovery
The Venus discovery had been placed in the top 20 discoveries of the last decade, Comalie said.
“In terms of the last decade, it is in the top 20 global discoveries, so Total is absolutely aligned that we need to get this to production as soon as possible.
“We are running processes parallel as well as starting to look at the design so that we can get to market as soon as possible,” she added.
Massive economic flows
The two wells could pump as much as N$89.8 billion into the economy at their peak, Comalie said, and double Namibia’s gross domestic product by 2040.
“This is a major game-changer for us... so we are looking forward to having the resources to actually implement our policies and address our socio-economic issues,” she said.