Organisation of Petroleum Exporting Countries (Opec) secretary general (SG) Haitham Al Ghais of Kuwait is expected to deliver an address at the Namibian International Energy Conference (NIEC) in Windhoek from 23-25 April, to share insight into global oil trends.
According to a joint statement issued by ReconAfrica and NIEC 2024, Al Ghais will be accompanied by a delegation from the organisation, who will lead technical discussions around the outlook for oil and the potential role Namibia will play in the global market.
According to the statement, Al Ghais' participation at the conference underscores the rising potential of Namibia as a global oil supplier.
Namibia is on track to produce its first oil from offshore discoveries by 2030 and the country is getting ready to embrace a more prominent role in global supply chains.
Offshore discoveries and onshore exploration efforts are expected to transform the domestic economy while establishing new export chains for both regional and international consumers.
According to the statement, the Opec delegation will present its world oil outlook, sharing insight into ongoing developments, future expectations and efforts to create market stability, during NIEC 2024.
"With the development of offshore oil and gas discoveries, Namibia is poised to become a major player globally.
"Discoveries made by oil majors TotalEnergies, Shell and QatarEnergy in 2022 and 2023 opened up the Orange Basin, with recent drilling success further highlighting the potential for billion-barrel deposits off-shore Namibia."
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Multinational energy corporation Galp made two discoveries at the Mopane-1X well in 2024, while TotalEnergies announced its second Orange Basin find, with hydrocarbon intervals revealed at the Mangetti-1X well this year.
Since 2022, Shell made discoveries at the Jonker-1, La Rona and Graff-1 wells - expected to hold as much as 1,7 billion barrels in total - while drilling at the Lesedi-1 well in 2023 showed the presence of hydrocarbons.
"Going forward, exploration in both offshore and onshore basins is set to yield positive results, further underscoring the country's position as a frontier contender," noted the statement.
According to reports, Galp has proceeded to spud the Mopane-2x well while Chevron expects to spud its first well in PEL 90 this year.
Exploration and production companies are also making strides onshore. Independent oil and gas company ReconAfrica plans to start drilling in the Okavango Basin this year.
Correspondingly, exploration company 88 Energy plans to kick-start exploration in Namibia's PEL 83, having recently acquired a 45% non-operated interest in the asset.
Opec's participation at the NIEC 2024 further underscores the organisation's commitment to improving the oil market for upcoming producers like Namibia.
The conference will connect foreign investors to Namibian energy projects. With the participation of project operators, investors, and Namibian energy leaders, the event will provide an update on ongoing developments, regulatory reform and upcoming opportunities.
