Shell, Total discoveries renew interest for explorationNational Petroleum Corporation of Namibia (Namcor) CEO Imms Mulunga says the discovery of oil by Shell and TotalEnergies has renewed interest for further exploration in the country.
He made the comments when pressed on work activities outlined for the Graff-1 and Venus X1 wells, which have been touted as big finds.
Both companies announced the significant oil finds early this year.
Shell is a 45% equity partner in the Graff-1 well with Qatari national oil company, QatarEnergies (45%). In the Venus X1 well, TotalEnergies holds 40%, QatarEnergies 30% and Impact Oil and Gas 20%, while Namcor has a 10% stake.
“We are also seeing an increased interest from other international oil companies that want exploration opportunities in Namibia,” he said.
According to Mulunga, further exploration on Shell’s Graff-1 well will last until May 2023.
Exploration work escalated
“Shell and its partners - which includes Namcor - are about to commence with a three-well appraisal campaign in December that will last for about six months,” he said.
“Total will commence with their two-well appraisal campaign in February 2023, and that will likely take four months. We will then have a clearer picture of the size of the discoveries after these upcoming appraisals,” the CEO added.
Namcor board chairperson Jennifer Comalie previously told Bloomberg that the two discoveries could add as much as US$5.6 billion to Namibia’s economy.
“TotalEnergies and Shell executives have warned that the discoveries still await an appraisal stage to accurately determine their size,” she added at the time.