The Organization of the Petroleum Exporting Countries (OPEC) has expressed its excitement about the potential partnership with Namibia and stands prepared to offer support to the southern African country as it embarks on its oil journey, stated OPEC Secretary General Haitham Al Ghais on Wednesday.
The OPEC+ oil producers’ group, having experienced the departure of Angola and other players in recent years, is eyeing Namibia for potential membership as it anticipates commencing oil production by the next decade following a series of significant discoveries.
In a pre-recorded message at an international energy conference in Namibia, Al Ghais declared, “We are excited about the potential of the Namibian OPEC partnership and stand ready to offer support at this crucial juncture. We are enthused by the discoveries in Namibia. Namibian oil and energy will be essential to meeting future demand.”
Recent discoveries by TotalEnergies TTEF.PA and Shell SHEL.L, estimated at 2.6 billion barrels, have positioned Namibia to plan for production starting around 2030.
Sources revealed to Reuters earlier this month that the initial focus for OPEC+ would be to facilitate Namibia’s inclusion in its Charter of Cooperation, a group engaged in longer-term dialogue about energy markets without involvement in output policy decisions. OPEC refrained from commenting on the matter at the time.
In addition to Total and Shell, companies such as Chevron CVX.N, Rhino Resources, Eco Atlantic Oil & Gas, and Galp Energia GALP.LS are actively involved in exploration and appraisal activities in Namibia.
“We encourage potential investors to explore the abundance of possibilities in Namibia,” emphasized OPEC’s Al Ghais.
Based on existing discoveries, Namibia is projected to achieve a peak production capacity of 700,000 barrels per day (bpd) by the next decade, according to energy consultancy Rystad Energy. While this figure is lower than Angola’s output of approximately 1.1 million bpd, Rystad highlighted the potential for Namibia’s production capacity to increase with further successful exploration. Angola exited OPEC in December last year following a dispute over output quotas.