Unlocking Namibia’s Oil and Gas Potential: Insights from African Energy Week 2023 Presentation by Namcor

Namibian national oil company Namcor is progressing plans to further develop the country’s oil and gas sector to meet ongoing energy demands and to eradicate energy poverty, with the company settings its sights on drilling two gas and oil wells in collaboration with international oil companies in the fourth quarter of 2023 and into the first quarter of 2024.

Namcor holds a unique position as both an upstream and downstream player in Namibia. The company operates in various basins in Namibia, including the Orange Basin, Lüderitz Basin, and Walvis Basin.

In a message to investors, Victoria Sibeya, Executive Upstream Exploration at Namcor, noted that the discovery of light hydrocarbons in Namibia in 2012 had set the development of its hydrocarbons sector in motion. “This discovery challenged previous assumptions that the nation’s resources were primarily composed of gas. Among these regions, the Orange Basin stands out with multiple opportunities for industry players,” stated Sibeya.

During September, Africa Oil Corp announced positive drill stem test results for the Venus-1X well, the major light oil discovery on Block 2913B, located in the Orange Basin. Meanwhile, Impact Oil & Gas, a privately-owned Africa-focused exploration company also announced the successful drilling of the Venus-1A appraisal well and succesful a flow test on the Venus-1X re-entry in Block 2913B (PEL 56).

Earlier this year, Namcor announced that it was seeking potential partners or investors for three permits, PEL 67, 72, and 79 it operates in the Orange Basin, offshore Namibia. Namcor operates PEL 79 comprising of blocks 2815 and 2915, where it has a 67% working interest and local partner Giraffe Petroluem has 33% equity in this license, which boasts 4 760 km 2D seismic data coverage.

Sibeya highlighted Namcor’s proactive role in providing essential data and conducting appraisal work for industry players, a key contribution to sustainable growth within the sector. Namcor’s strategic partnerships with companies like PGS for 2D and 3D data acquisition reinforce its status as an emerging energy player. “With four major discoveries already under our belt, Namibia holds great potential for further developments in oil and gas, attracting other international oil companies (IOCs) like Shell and Total.

Sibeya concluded that Namcor’s would remain an active player in the industry. “We hold a 10% stake in all the key projects and act as a catalyst for speeding up the development of the oil and gas industry in Namibia,” said Sibeya. She concluded that collaborations with major IOCs in deep-water operations exemplified Namcor’s commitment to the industry’s expansion.

#AEW2023 takes place this week in Cape Town under a mandate to make energy poverty history by 2030. Organized in partnership with the African Energy Chamber, AEW 2023 is taking place from 16 to 20 October in Cape Town. Keep following www.AECWeek.com for more exciting information and updates about Africa’s premier energy event.