oil discovery

TotalEnergies revises Venus oilfield production target

TotalEnergies has delayed its final investment decision on its offshore oil project in Namibia, with a new target set for 2026, according to CEO Patrick Pouyanne. The company has also adjusted its production forecast for the Venus oilfield, now aiming for 150,000 barrels per day, down from the previous expectation of 160,000 barrels per day, following updated projections shared at its investor day in October. According to Reuters, […]

7 February, 2025 66

Business / Economics

Namcor reports on operational progress of Venus wells

Exterior view of the NAMCOR (National Petroleum Corporation of Namibia) offices The National Petroleum Corporation of Namibia (Namcor) has made significant progress in its post-well studies for the Venus oil wells. The studies, which include analysing core samples, logging data, and fluid samples, form part of Namibia’s growing oil exploration activities in the Orange Basin. Ongoing collaboration and operational updates Namcor’s latest operational update indicates […]

27 January, 2025 108

Business / Economics

Immanuel Mulunga Highlights Low Odds of Finding Viable Oil in Namibia

Former petroleum commissioner, Immanuel Mulunga, estimates a 25–35% chance of companies discovering commercially viable oil in Namibia. Speaking with local media, the ex-Namcor managing director commented on Chevron’s recent announcement about failing to find hydrocarbons in the Orange Basin. Mulunga emphasized that oil exploration remains a high-risk endeavor.

17 January, 2025 184

Business / Economics

Energy companies bid for stake in Galp’s Namibia oil discovery

Exxon Mobil, Shell, TotalEnergies, and Equinor are among the major energy companies considering bids for a 40% stake in Galp Energia's Mopane oil field discovery offshore Namibia. According to Galp Energia's estimates, the Mopane complex contains 10 billion barrels of oil equivalent (boe) and could be valued at around N$362 billion or more, as reported by Bloomberg. Bloomberg reports that Galp Energia, with the help of a financial advisor, is […]

22 May, 2024 73

Business / Economics

About 10 billion barrels of oil discovered off Namibia’s coast

An estimated 10bn barrels of oil has been discovered in Namibia, Portuguese oil company Galp Energia has said. The company told Bloomberg News that it had made the potential find after concluding its first phase of oil exploration in the Mopane field off Namibia's coast. Vast oil and gas reserves have been discovered in Namibia's Orange Basin, where Mopane is located, in recent years. Namibia is eyeing an entry into […]

22 April, 2024 115

Business / Economics

Namibia may tap its trillion dollar oil & gas windfall to fuel renewables ambitions.

By Bonface Orucho, bird story agency Namibia has been advancing extensive oil and gas exploration, and making substantial discoveries. Portuguese oil and gas company recently announced another discovery of “a significant column” of light oil in high-quality reservoirs. A press statement from Galp on March 15, confirmed the find at the Mopane-2X well in the larger Orange Basin, off the Namibian Coast, adding to its oil discovery […]

20 March, 2024 63

Local

Namcor announces significant oil discovery in block 2813a (pel83), orange basin, offshore Namibia

The National Petroleum Corporation of Namibia; NAMCOR with 10% carried interest, in conjunction with its partners Galp Energia (80%, operator) and Custos (10%), is excited to announce a significant oil discovery in the Mopane-1X exploration well, situated in the PEL83, Orange Basin, offshore Namibia. Following the initial announcement on January 2, 2024, PEL 83 JV partners have now confirmed the discovery of a substantial column of light oil in high-quality, […]

10 January, 2024 20